What's the situation with the 90 day Mortgage Deferral?

[mikehende]

Hello all, I am hearing different things from different people regarding the 90 day Mortgage situation here in New York.

That we do not have to pay for 90 days but will need to pay ALL 3 months of it in one lump sum or will be forced to do a Mortgage Remodification which will increase the monthly payments. Another theory floating around is the 3 months Mortgage payments can be added to the end of the Mortgage.

Since the Government had said it will help Homeowners, where is the help? Can anyone tell me what "legally" can be done with this situation since we now have much less income please?

 

[quincy]

You will want to speak to your lender. It could be possible to add the missed payments to the end of your loan without additional interest or late fees being charged.

 

[mikehende]

They had said we will need to pay the 3 months at once or do remodification which is why I am looking into if anything can be done. Maybe there is some legal advice somewhere I can look into to see if there is an option?

 

[quincy]

It is going to depend on your lender.

 

[mikehende]

That's so unfair, how are people expected to make these payments with THE MUCH REDUCED INCOME??

 

[PayrollHRGuy]

Just to clarify, there has no been any federal law enacted that differs or forgives mortgages.

 

[mikehende]

Enough said.

 

[quincy]

Enough said.

If your mortgage is not owned by Freddie Mac or Fannie Mae, you need to work with your specific lender to see what sort of disaster relief plan they are offering (if any).

There is a commercial site that has a fairly comprehensive list of lenders and the current plans they are offering their mortgage customers that have suffered financially as a result of Covid-19. There are some substantial differences in what relief lenders are offering.

Some states are also suspending all foreclosures and extending deadlines for paying property taxes.

Good luck.

 

[bcr229]

Some states are also suspending all foreclosures and extending deadlines for paying property taxes.

That doesn't mean that the borrower doesn't owe the money though, just that the court action has been delayed. Same for evictions.

If you log in to your mortgage company's payment portal you will very likely find a link to their policy regarding delayed payments due to the pandemic. You will have to contact them and work with them directly though, you can't just stop paying with no repercussions.

 

[quincy]

That doesn't mean that the borrower doesn't owe the money though, just that the court action has been delayed. Same for evictions.

If you log in to your mortgage company's payment portal you will very likely find a link to their policy regarding delayed payments due to the pandemic. You will have to contact them and work with them directly though, you can't just stop paying with no repercussions.

Right. The payments are rarely excused. The missed payments generally will need to be paid at some point in time. When and how they are paid is up to the lender.

 

[quincy]

Following is a link to information on Governor Cuomo’s executive order (which has an additional link to the order), requiring that New York State regulated financial institutions provide mortgage forbearance on New York property for 90 days to New York residents who demonstrate Covid-19-related financial hardship.

https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202003241

mikehende will want to speak to his lender.

 

[NeilTheCop]

I

Hello all, I am hearing different things from different people regarding the 90 day Mortgage situation here in New York.

That we do not have to pay for 90 days but will need to pay ALL 3 months of it in one lump sum or will be forced to do a Mortgage Remodification which will increase the monthly payments. Another theory floating around is the 3 months Mortgage payments can be added to the end of the Mortgage.

Since the Government had said it will help Homeowners, where is the help? Can anyone tell me what "legally" can be done with this situation since we now have much less income please?

Ignore theories and what others say on the internet, talk to your lender, that is the only reliable source of such information.

 

[quincy]

mikehende stands to benefit from having on hand a copy of the Governor’s order when he speaks to his lender.

 

[MuDoggie1]

@MuDoggie1 Please do not plagiarize. If you are going to use anothers words/information you must provide the link. Keep in mind commercial links are not allowed.

Plagiarize? Those are my words. I typed them from my brain to my fingers. We follow Fannie Mae guidelines for both Government backed and for portfolio mortgages. Here is the FANNIE MAE link.. https://www.fanniemae.com/portal/media/corporate-news/2020/covid-homeowner-assistance-options-7000.html. Our members find a bit complicated, but hey, i'll delete my post so I don't get accused of plaigarism.

 

[quincy]

Plagiarize? Those are my words. I typed them from my brain to my fingers. We follow Fannie Mae guidelines for both Government backed and for portfolio mortgages. Here is the FANNIE MAE link.. https://www.fanniemae.com/portal/media/corporate-news/2020/covid-homeowner-assistance-options-7000.html. Our members find a bit complicated, but hey, i'll delete my post so I don't get accused of plaigarism.

You did not need to delete your post. If you did not plagiarize the text, there really was no reason to remove your post from the thread.