For New York Borrowers that do not have a federally backed mortgage:
If your property is located in New York, and it is your primary residence, you have options available to you pursuant to state law.
If you are experiencing a COVID-19 related hardship, the assistance plan, called a forbearance, offers a pause of your mortgage payments. You will not be required to make your mortgage payment during the term of the forbearance, and we will not charge late fees for those months or report the paused payments as late to any credit reporting agency. You will initially be given a period of a 3-month forbearance. We will automatically extend your forbearance another 3 months if you are not ready to resume payments after the initial period of forbearance. After 6 months of forbearance, you can extend your forbearance again if you are still experiencing a COVID-19 related hardship. The total length of the forbearance allowed under the program is 360 days.
When you are ready to resume payments, you will have options available to repay the paused payments including:
- Repayment plan — you will pay back the arrears accumulated during forbearance (without late fees or penalties) in monthly payments for the remaining term of the loan
- Extension plan: if available, extend the term of the loan for the length of forbearance period, without "additional" late fees or penalties
- Deferral pan: defer the accumulated arrearage-paused payments- as a non-interest-bearing balloon due when you pay off the mortgage or at maturity.
- Loan modification — negotiate a loan modification or other option for repayment
For Washington D.C. Borrowers that do not have a federally backed mortgage:
If your property is located in Washington D.C., you have options available to you pursuant to applicable law.
If you are experiencing a COVID-19 related hardship, the assistance plan offers a deferment of your mortgage payments for 90 days. During this time, we will not charge late fees for or report the deferred payments as late to any credit reporting agency. The deferred payments will be due when you pay off your mortgage, sell your home or refinance. You won't be charged any interest on the deferred balance.