Coronavirus (COVID-19) Relief Center
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New York State
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on July 20, 2020.
We recommend that you monitor this site, as well as the sites referenced in these resources, for updates and changes as we expect the situation and solutions to change over the coming weeks and months. For information on specific programs, we encourage you to visit the websites of the organizations or government entities that are responsible for the relief.
Description of Program and Relief
DFS Announces 90-Day Mortgage Relief, No Negative Reporting to Credit Bureaus, and Waived Fees for Overdrafts, ATMs and Credit Cards
The New York State Department of Financial Services (DFS) issued a new directive to New York State mortgage servicers and regulated financial institutions to provide 90-day mortgage relief to mortgage borrowers impacted by COVID-19 whose properties are located in New York State. The directive includes: (1) Waiving mortgage payments based on financial hardship; (2) No negative reporting to credit bureaus; (3) Grace period for loan modification; (4) No late payment fees or online payment fees; and (5) Postponing or suspending foreclosures.
DFS also instructs New York State regulated financial institutions and chartered banks to waive ATM fees, late fees, overdraft fees and fees for credits cards, and encourages them to use additional means, at their discretion, to assist individuals affected by COVID-19.
Government or Lead Agency
NYS Department of Financial Services
Dates Available
March 19, 2020 until termination
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.