Governor Signs COVID-19 Home Mortgage Forbearance Legislation

S8243C

On June 17, 2020, Governor Andrew Cuomo signed legislation, sponsored by Senator Kavanagh as well as Senator Todd Kaminsky and Assemblymember Nily Rozic, and co-sponsored by dozens of their collegaues, that expands mortgage forbearance available for those experiencing financial hardship during the COVID-19 crisis who have mortgages with state-regulated financial institutions. The new law creates what appears to be the strongest COVID-19 hardship forbearance available pursuant to statute in the United States, with up to one year of forbearance if the hardship persists and flexible payment options for the borrower.