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New York COVID-19 State Updates - March 22, 2020

First post and replies | Last post by Leisha Delgado, 5 years ago

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As you may be aware, we are continuously monitoring for updated directives from the Courts and other governmental entities in regards to the COVID-19 pandemic and its effects on conducting foreclosure related business and activity in the State of New York. Governor Cuomo issued two orders, dated March 20, 2020 which provide for the following, some of which had been previously discussed: 1) The statute of limitations has been tolled from March 20, 2020 through April 19, 2020. This means for any file with an upcoming statute of limitations expiration date, the statute of limitations expiration date will be extended by 30 days. It should be noted that this will not provide for relief for loans where the statute of limitations has already expired. 2) All New York State employers of “non-essential businesses” must reduce the in-person workforce by 100%, and work-from-home or telecommuting procedures must be utilized to the maximum extent possible. 3) There shall be no enforcement of an eviction or foreclosure, whether residential or commercial, for a period of 90 days. 4) It shall be deemed an unsafe and unsound business practice if, in response to the COVID-19 pandemic, any Bank conducting business in the State of New York shall not grant a forbearance to any person or business who has a financial hardship as a result of the pandemic for a period of 90 days. In addition, the Chief Administrative Judge of the New York State Courts has issued an order prohibiting the county clerk’s offices and the courts from accepting any filings in all non-essential matters, including foreclosure and eviction. This is effective as of 3/22/20 and will continue until further notice. Given the above information, as firms and courts are unable to process any portion of the foreclosure process until at least 30 days, we suggest placing your files on hold, and directing the cancellation of any scheduled sales to be held within the 90 day period. We will continue to closely monitor for changes and we will advise accordingly. Post by - Roach & Lin, P.C. -

By Leisha De... 5 years ago

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