Governor Signs COVID-19 Home Mortgage Forbearance Legislation
June 17, 2020
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.
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