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Coronavirus: Mortgage and Foreclosure


Information on how Mortgage or Foreclosure Relief will Impact your Credit

There are ways to protect your credit score while you are experiencing financial hardship.  Credit scores are based on credit reports created by information that your lenders and servicers submit to credit reporting agencies.  To ensure your mortgage servicer correctly reports your mortgage in a way that does not harm your credit score CONTACT YOUR SERVICER and explain your situation. You’ll find their contact information on your most recent bill.

After talking to your servicer about your situation, if you request relief, you may learn that they will place your accounts in forbearance/hardship or deferral. These are common methods servicers use to report accounts to the credit reporting agencies.

Under the federal CARES Act, if you are receiving an “accommodation” on your mortgage, such as a forbearance or a repayment plan, and you were not delinquent on your mortgage before COVID-19, your servicer must report your loan as “current” even if you are not making payments.

New York Banking Law 9-x also prevents your servicer from making negative reports based on relief you receive under that law.  Click here to learn more about the payment relief available under Banking Law 9-x.

On December 28, 2020, Governor Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, which provides protections for tenants and homeowners experiencing economic hardship due to COVID-19.  This page will be updated soon with more information about the Act and its impact on a consumer’s credit.

You can ensure your mortgage was properly reported by requesting a free credit report at You are generally entitled to one free credit report every twelve months from each of the three major credit reporting agencies, and currently credit reporting agencies are offering free weekly reports.