Alert for New York Borrowers
The New York Executive Order No. 202.9 and Emergency Regulation 3 NYCRR Part 119 allows individuals who reside in New York to apply for forbearance for up to 90 days for any payment due on a residential mortgage for a property located in New York. The forbearance will be available to borrowers who demonstrate financial hardship as a result of the COVID-19 pandemic, including loss of employment and inadequate reserves to make the mortgage payment. The forbearance under Part 119 is not available for FHA loans, VA loans and other loans sold to Fannie Mae, Freddie Mac and other specified instrumentalities or government sponsored entities. Any payments missed due to the forbearance will need to be repaid. To learn how to apply, you may contact Dolores Sullivan at (908) 276-2442 or contact your current servicer.
If you do not qualify for forbearance under Part 119 or other state guidelines, make all payment(s) to your originating lender and, upon notification that the mortgage loan has been transferred to your mortgage servicer, contact your mortgage servicer for possible forbearance.
Forbearance Information
There may also forbearance options available for FHA loans, VA loans and other loans sold to Fannie Mae, Freddie Mac and other government sponsored entities for borrowers who have experienced hardship resulting from COVID-19. Please contact us or your current servicer regarding these options, how to apply, and eligibility requirements. Please note that any payments missed due to the forbearance will need to be repaid.
