For those struggling with mortgage payments in these stressful times, there is some relief available :
-- if you have a federally-backed loan through the FHA, Fannie Mae, or Freddie Mac, foreclosures have been put on hold until
May 17, and forbearance plans are available upon request for up to as much as 180 days, with no late fees or adverse consequences to one's credit.
-- New York is strongly encouraging lenders to work with borrowers and offer forbearances for up to 90 days, also with
no late fees or adverse consequences to one's credit.
-- Foreclosures against homeowners and evictions against
renters are not going forward, indefinitely, and as of last
week, the court system is not accepting filings in any cases
deemed to be "non-essential", whether by paper or
electronically.
Anyone having such difficulties should reach out to their
lender to see what options are available, but should be aware
that a forbearance offered only defers the payments into
the future -- it doesn't excuse them altogether.
Stay safe everyone.
Suffolk County residents may grieve their property taxes for this year until June 23, 2020, except for Town of Islip (June 30) and Town of Southampton (July 1). Call my office if you need assistance with that process.
New financial breaks from the State :
For individuals and small businesses that can demonstrate hardship due to the coronavirus, insurance companies and
premium finance companies may not cancel or non-renew
certain insurance policies for non-payment of premiums
until June 1, 2020, and may not impose late fees or
make any adverse reporting to credit agencies.
In addition, these companies must permit a policyholder
to pay any overdue premiums over 12 months.
An affected policyholder must submit a sworn statement
explaining the hardship caused by the coronavirus.
For individuals, this only relates to policies covering personal property/casualty, auto, homeowners, renters, life, and annuity contracts.
For small businesses, (those with 100 or less workers),
this only relates to policies covering commercial property/casualty, general liability, fire, property, workers
compensation, commercial auto, commercial umbrella, & medical malpractice.
While we all struggle through the crisis, I have found quite a few lenders and creditors to be quite flexible with monthly payments that are coming due. For those who have AMEX cards, they're offering no interest charge or late fees for the next billing cycle, and I suspect others may make similar offers of deferring, reducing or waiving payments , so nothing to lose by inquiring.
Nassau County residents can grieve property taxes until April 30, 2020.
Suffolk County residents can grieve property taxes until the 3rd Tuesday in May. Call us to help .
