Mortgage Relief for New York Homeowners

As of my knowledge, a cutoff in September 2021, several mortgage relief programs were available for New York homeowners during the COVID-19 pandemic. However, please note that the situation may have changed, and it is recommended to check the latest information from official sources or consult with relevant authorities for the most up-to-date details. Here are some initiatives that were in place:

New York State COVID-19 Emergency Rental Assistance Program (ERAP):

While this program primarily focuses on rental assistance, it may also offer limited service to homeowners at risk of foreclosure due to the pandemic. In addition, the program provides financial aid to eligible individuals and families who experienced income loss, job loss, or increased expenses due to COVID-19.

Forbearance options:

The federal CARES Act, passed in response to the COVID-19 pandemic, mandated that federally-backed mortgage loans provide forbearance options for homeowners facing financial hardships. This provision covers loans backed by Fannie Mae, Freddie Mac, FHA, VA, and USDA. As a result, new York homeowners with these types of mortgages can request forbearance, temporarily suspending or reducing mortgage payments for a specific period.

New York Department of Financial Services (NYDFS) guidance:

The NYDFS guided regulated mortgage servicers in New York, urging them to work with borrowers impacted by COVID-19. This guidance encouraged mortgage servicers to offer forbearance options, waive late payment fees, and suspend adverse credit reporting for homeowners facing financial difficulties due to the pandemic.

Homeowner Assistance Fund:

The federal government allocated funds to states to directly assist homeowners impacted by COVID-19. As a result, New York State established the Homeowner Assistance Fund to support homeowners who have experienced financial hardship and are at risk of foreclosure. This program aims to offer mortgage payment and reinstatement assistance, cover property charges, foreclosure prevention counseling, and other related services.


These programs were designed to provide relief to homeowners during the COVID-19 crisis. However, it is essential to check with the relevant authorities, such as the New York State Department of Financial Services or the U.S. Department of Housing and Urban Development (HUD), for the most accurate and up-to-date information on mortgage relief programs in New York.

Estate Planning for Children

Certainly! Here are some critical steps to consider when estate planning for your children:

Draft a Will:

Creating a legally valid will is crucial to specify how your assets should be distributed upon death. Clearly outline who will inherit your property and acquisitions, and consider establishing trusts for your children to manage their inheritance until they reach a certain age or milestone.

Designate Guardianship:

Designate a guardian for your minor children if both parents pass away or cannot care for them. Choose someone willing to take on this responsibility, and discuss your decision with them beforehand.

Establish Trusts:

Consider setting up trusts to protect your children’s inheritance. Trusts allow you to control how and when the assets are distributed to your children. You can specify conditions such as reaching a certain age or achieving specific milestones before they receive their inheritance.

Life Insurance:

Evaluate your life insurance needs to ensure your children will be financially supported if something happens to you. Life insurance can provide a lump sum or ongoing income to cover living expenses, education costs, and other needs. Determine the appropriate coverage amount based on your children’s needs and consult a financial advisor or insurance professional for guidance.

Create Medical and Financial Powers of Attorney:

Prepare documents that grant someone you trust the authority to make medical and financial decisions on your children’s behalf in case of incapacity. These powers of attorney should clearly outline your wishes and give the designated person legal authority to act on behalf of your children.

Update Beneficiary Designations:

Regularly review and update beneficiary designations on your financial accounts, retirement plans, and life insurance policies. Ensure your children are named as beneficiaries, or consider establishing a trust as the beneficiary for controlled distributions.

Communicate and Educate:

Discuss your estate plan with your children, mainly if they are old enough to understand. Communicate your intentions and inform them about their inheritance, trusts, and guardianship arrangements. Educating them about financial responsibility can help prepare them for managing their estate in the future.

Regular Review:

Review your estate plan periodically, especially after significant life events such as births, deaths, divorces, or changes in financial circumstances. Then, update your plan to reflect any changes and ensure it aligns with your current wishes.


It’s essential to consult with an experienced estate planning attorney who can guide you through the process and ensure your estate plan is legally sound and tailored to your specific needs and circumstances.