- The State of New York placed a freeze on evictions of residential and commercial tenants. Eviction proceedings have been suspended and no one can be evicted in New York State until at least August 20, 2020.
- The State of New Jersey issued Executive Order No. 106, which states that no lessee, tenant, homeowner, or any other person shall be evicted from a residential property during this emergency. The applies for those occupying a home that is in foreclosure.
- New York & New Jersey. There is currently no freeze on a tenant’s obligation to pay rent to their Landlord. Rent must be paid. If rent is unpaid during this time, the Landlord will be able to bring the eviction, once the freeze is lifted, to help collect the unpaid rent.
- Generally, when rent is unpaid, we recommend Landlords act quickly to avoid unpaid monthly rent from accumulating and increasing their losses. However, once evictions are permitted, the Courts will likely be clogged for a time. We therefore encourage everyone to avoid delay and cost by working with tenants based on what you know to be their ability to pay – and State rent assistance programs. Lastly, please keep in mind, there is no freeze on Landlord’s obligation to provide essential services.
Property Tax Payments
- New York has not implemented any reduction or postponement of property taxes due except for Westchester and Nassau Counties and leaves the decision to them.
- New Jersey does not mandate, but allows, municipalities to extend the grace period for property taxes due May 1st, to June 1st. Please contact your individual municipality.
- New York mortgage servicers are mandated to provide a 90-day mortgage relief. The directive mandates mortgage servicers:
- Waive mortgage payments based on financial hardship.
- Implement a grace period for loan modifications.
- Postpone or suspend foreclosures.
- Do not charge late payment fees or online payment fees.
- Do not make negative reports to credit bureaus.
- New Jersey mortgage servicers are mandated to provide 90-day mortgage relief. The directive mandates mortgage servicers:
- Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation.
- Confirm approval of and terms of forbearance program.
- Provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.
- Do not report late payments to credit reporting agencies for borrowers taking advantage of COVID-19 related relief.
- Additionally, several major national financial institutions are committing that they will not initiate foreclosure sales or eviction proceedings for at least 60 days.