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Mortgage Grace Period Extended

The grace period on mortgage payments has been expanded for another three months. This additional time will allow New Yorkers affected by Hurricane Sandy to catch up on payments without having to face collection agencies or a lowered credit score.

Some New Yorkers are finding that the three-month grace period on mortgage payments offered by banks and mortgage servicers immediately following Storm Sandy is not long enough for them to get back on their feet.

At the urging of the Cuomo administration, banks and servicers will extend this period for up to another three months, for a total of six months post-storm for the following types of relief:

Updated 12/12/2012