Assemblyman Fred W. Thiele Jr. has thrown his support behind a proposal advanced by Representative Kathleen Rice of Garden City, State Senator Brian Kavanaugh of Manhattan, and State Senator Todd Kaminski of Long Beach to provide additional mortgage support to New Yorkers.
The recently passed federal CARES Act allows mortgage holders to delay payments on federally backed mortgages for up to 180 days, but it doesn't cover those whose mortgages are not federally owned or backed. A New York executive order offers temporary relief to borrowers who hold mortgages from state-regulated lenders, but they would need to repay the missed payments in full at the end of a 90-day relief period.
In a Newsday op-ed, the lawmakers suggested federal and state legislation to delay payments for up to 90 days and allow those payments to be added to the end of the loan term rather than made payable at the end of the forbearance period.
"Legislation of this nature will have my full support if brought before me for consideration during the 2020 session," Mr. Thiele wrote in a release on Tuesday.