Author Topic: New York has suspended mortgage payments. Are other states next?  (Read 840 times)

Online YitzyS

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https://www.forbes.com/sites/zackfriedman/2020/03/19/mortgages-coronavirus/

Is New Jersey next? This can be a major financial relief, if 90 days of payments can be suspended (actually, deferred until the end of the loan, as per my understanding.)

Offline S209

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #1 on: March 19, 2020, 04:44:29 PM »
https://www.forbes.com/sites/zackfriedman/2020/03/19/mortgages-coronavirus/

Is New Jersey next? This can be a major financial relief, if 90 days of payments can be suspended (actually, deferred until the end of the loan, as per my understanding.)
Would be nice, though how can the government do that?
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Offline Alexsei

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #2 on: March 19, 2020, 04:48:00 PM »
This has been announced as part of the Canadian bailout plan
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Re: New York has suspended mortgage payments. Are other states next?
« Reply #3 on: March 19, 2020, 04:53:06 PM »
Many banks across the country are doing this upon request. deferring 3 months of payment (which means extending the loan by 3 months)

Common sense is not common enough

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #5 on: March 19, 2020, 04:54:41 PM »
NJ Gov. Murphy just signed a bill, but it only prevents foreclosures. In the event of failure to pay, the customer would have a double bill the next month, and a triple bill the third month. Just relieves the threat of foreclosure, but doesn't alleviate the financial strain.

https://www.northjersey.com/story/news/coronavirus/2020/03/19/nj-coronavirus-relief-bill-to-guard-against-eviction-foreclosure/2865216001/

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #6 on: March 19, 2020, 04:55:12 PM »
Many banks across the country are doing this upon request. deferring 3 months of payment (which means extending the loan by 3 months)
Interest free? Payments will all stay the same?
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Re: New York has suspended mortgage payments. Are other states next?
« Reply #7 on: March 19, 2020, 04:55:25 PM »
Many banks across the country are doing this upon request. deferring 3 months of payment (which means extending the loan by 3 months)
Do you know which banks? And is there any negative impact on your credit score etc.?

Offline Yef

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #8 on: March 19, 2020, 06:04:13 PM »
Many banks across the country are doing this upon request. deferring 3 months of payment (which means extending the loan by 3 months)
That would actually be very helpful to a lot of people. Much better than what the govt is trying to do

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #9 on: March 19, 2020, 06:06:20 PM »
Is it actually true, though. Which banks?

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #10 on: March 19, 2020, 06:25:09 PM »
Would be nice, though how can the government do that?

That's my thoughts exactly. - because of contract law - Perhaps with HUD/VA/FDA and Fannie mae held loans - but its been a while  and I don't recall  but I think that even those loans are later sold to investors.

I had a similar thought - during the great recession - with the high interest/ARM's that Mortgage brokers pushed  or directed people (even with 740+ FICOs minorities or first generation home owners). 

That those who wanted to keep their houses ( not the NINJA loans for investors/flippers ) to convert those loans to 5% Fixed rate and re-amortize the balance to a 30yr fixed (not the junk fees or late fees etc). 
Think the Inland empire of So. California - but that said a lot of investor ended up with cheap properties and people lost homes and more through foreclosures from unethical brokers.


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Re: New York has suspended mortgage payments. Are other states next?
« Reply #11 on: March 19, 2020, 07:04:48 PM »
Is it actually true, though. Which banks?

Commercial mortgages, yes. Personal, many banks (including Quicken and American Home Financing) have programs in place, but each one is different.

Offline Yoel F

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #12 on: March 19, 2020, 07:36:22 PM »
I wonder how Cuomo/New York can do it? Can he enforce it on each bank that has a license or branch in New York? what is his power on a state level?

Offline lifetimedeals

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Re: New York has suspended mortgage payments. Are other states next?
« Reply #13 on: March 24, 2020, 12:04:39 AM »
Many banks across the country are doing this upon request. deferring 3 months of payment (which means extending the loan by 3 months)
Anybody had this done with Bank of America?