Banks to Postpone Some Mortgage Payments and Waive Fees

Banks in New York State have agreed to postpone mortgage payments for 90 days for homeowners who demonstrate they are experiencing financial hardship. If you are a homeowner that is affected by the crisis, you may want to reach out to your bank to see if you qualify for deferred payments.

According to Crains:

“Banks in New York will waive mortgage payments for 90 days and suspend foreclosures, Governor Cuomo said Thursday. 

Eligibility for waived payments is based on financial hardship, the Governor said. The 90 days constitutes a grace period—those who participate in the program will still owe their payments but be allowed to pay them at a later date. “

The article goes on to state that many bank fees for overdrafts or ATM charges will also be waived.

Read the whole article here.