Client Alert: New York's Foreclosure Moratorium Got You Stuck on the Sidelines?

Since the COVID-19 pandemic began earlier this year, New York’s Governor Cuomo has issued a number of Executive Orders limiting the ability of a lender to foreclose its mortgage. By Executive Order 202.64, issued on September 18, 2020, Governor Cuomo extended the prohibition on initiating “a foreclosure of any commercial mortgage for nonpayment of such mortgage” through October 20, 2020. Given recent reports of increased COVID outbreaks in New York City, we expect that Governor Cuomo will extend the foreclosure moratorium beyond October 20, 2020.