Rent/ Mortgage Payments

My tenants just told me they can’t pay April rent because their jobs are on hold now. I’m in the same boat, but I have to pay mortgage. Does anyone know the exact legislation that was passed? It seems vague to me. I see that people can pay mortgages up to 90 days late without being penalized. People are talking about a rent freeze, but I don’t see any legislation regarding this, other than in regard to evictions. And what happens next month and the following month if everyone is still out of work? I’m just hoping for someone to shed some clarity on this matter

brooklynite66

in General Discussion 5 years and 2 months ago

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cate | 5 years and 2 months ago

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That’s not the way it’s supposed to be working now in New York State, according to the Cuomo executive order. https://www.governor.ny.gov/news/no-2029-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency Also lenders who are part of the Housing Policy Council are also following the same procedure https://www.housingpolicycouncil.org/copy-of-archive If your lender won’t cooperate, maybe you need to have your attorney contact them to work something out. You can also reach out to Legal Aid for help if you don’t have the funds for an attorney at this moment. The Homeowner Protection Program also purports to help homeowners negotiate with lenders — I haven’t vetted them and please be careful because there are a ton of scams out there — and they are saying they will have to shut down March 31 without additional funding. https://www.homeownerhelpny.com/

brooklynite66 | 5 years and 2 months ago

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My lender says that forbearance means that landlords can not pay for 90 days without penalty, but once that 90 days is up landlords will have to make up all the missed payments at once.

cate | 5 years and 2 months ago

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Thanks for the Post link.

yudashasom | 5 years and 2 months ago

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@brooklynite, are you sure your tenants cannot pay, or are they just trying you? do they have guarantors? let them know your consequences for not paying, are much more severe than theirs.

yudashasom | 5 years and 2 months ago

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I posted this to a different thread on this site, but it’s relevant here:

It has to be a combined, comprehensive action.

Rent can’t be suspended, unless mortgages, utilities and taxes are suspended too. It cannot be an overly burdensome process, that you have to jump through hoops to complete. It has to be automatic.

Many, many commercial mortgages are not federally backed. And it’s naive to think all banks will follow suit.

yudashasom | 5 years and 2 months ago

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cate | 5 years and 2 months ago

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no-permitz I can no longer read TRD stories on any device. Can you summarize? They also have a newer story about all the measures pols are proposing.

cate | 5 years and 2 months ago

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brooklynite that is terrible on the part of your mortgage co. Do they have offices in NY? They have to do it Cuomo’s way. We just wrote a story on this. Here it is: https://www.brownstoner.com/real-estate-market/what-to-do-if-you-cant-pay-rent-mortgage-forbearance-coronavirus-landlord-homeowners-nyc/

yudashasom | 5 years and 2 months ago

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yudashasom | 5 years and 2 months ago

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There can’t be a one sided “solution” to protect tenants, without protecting landlords. As of now, any mortgage suspension applies to owner occupants only and only certain banks will participate.

brooklynite66 | 5 years and 2 months ago

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The back end would be a perfect solution, however, with my mortgage company I can apply for a forebearance, but after the 90 days the entire payment is due for the 3 months that were deferred. The other options are we can can come up with a payment plan, or change the loan agreements which sounds to me like a refinance. There is nothing about a back end solution.

cate | 5 years and 2 months ago

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Cuomo issued an executive order for lenders to grant forbearance.

Guest User | 5 years and 2 months ago

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https://www.nysenate.gov/legislation/bills/2019/s8125 This looks like its set to pass soon that would let tenants not pay rent for up to 90 days. I know Cumo has said that you can put a mortgage on hold for 90 days and add it to the back end, but not sure if actual legislation was passed for that.

cate | 5 years and 2 months ago

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I am so sorry to hear about your situation. Many are in the same boat. Evictions have been paused but nothing more has been done so far regarding rents. As for mortgages, there have been federal and state orders that lenders grant temporary forbearance. The Housing Policy Council https://www.housingpolicycouncil.org/ is advising people who cannot pay mortgages to immediately contact their lender online (not by phone) to ask for a temporary suspension. You don’t even necessarily need to prove anything but the lenders are probably going to be inundated, and afaik systems and procedures aren’t necessarily in place yet — by April 1 they promise. The payments are put on the back end of the loan and there is no credit reporting, no fees and no interest. Needless to say, anyone who can pay their mortgage should. Good luck to you.