Schumer: Sandy homeowners should receive break on mortgage - FOX 10 News | fox10phoenix.com

Schumer: Sandy homeowners should receive break on mortgage

Posted: Updated:
NEW YORK (MYFOXNY) -

Senator Charles Schumer (D-NY) is calling on banks to extend the mortgage payment delay period, known as a forbearance period for homeowners still affected by Hurricane Sandy.  

After Sandy, many banks allowed homeowners to stop making mortgage payments for three-six months. That meant homeowners would not be penalized for missing payments, which have now expired or are about to expire.  

In addition to forbearance expiration, many banks are requiring homeowners to repay the missed months in one unaffordable lump sum payment.  

Senator Schumer is asking the banks to extend the forbearance period and waive the late fees. He is also wants banks to provide flexible repayment options so families won't lose their homes.      

"Many homeowners have used every dime they have to repair their houses and put a roof over their homes, and don't have the resources to pay months worth of mortgage payments at one time," said Schumer. "Banks can help families, who have long made payments on time, bridge the gap between now and when federal aid arrives if they extend the payment holidays and provide some flexibility. Sandy devastated entire communities, and banks have the responsibility to help their customers through this difficult time."  

Fannie Mae and Freddie Mac recently extended their forbearance periods from 90 days to 180 days to help individuals impacted by Sandy. Schumer called on banks to adopt Fannie Mae and Freddie Mac's forbearance policy by extending the period for individuals still affected by the storm.

  • Brooklyn NewsBrooklyn NewsMore>>

  • Garner's family meets U.S. attorney

    Staten Island stores worried about rally

    Staten Island stores worried about rally

    Friday, August 22 2014 6:34 AM EDT2014-08-22 10:34:05 GMT
    Some Staten Island business owners say they are bracing for huge crowds on Saturday during a planned march for a man killed in an apparent chokehold during his arrest by NYPD officers. The Rev. Al Sharpton said he is estimating about 3,000 to 5,000 people to rally.
    Some Staten Island business owners say they are bracing for huge crowds on Saturday during a planned march for a man killed in an apparent chokehold during his arrest by NYPD officers. The Rev. Al Sharpton said he is estimating about 3,000 to 5,000 people to rally.
  • Brooklyn Nets Kids Dance Team auditions

    Brooklyn Nets Kids Dance Team auditions

    Thursday, August 21 2014 10:26 PM EDT2014-08-22 02:26:39 GMT
    Out of over 500 hopefuls only a handful will join the Brooklyn Nets Kids Dance Team. The Nets held auditions this week at LIU Brooklyn. Adorable Bronx native Arielle was turned away last year but this time around she's made it through to the final round of the auditions. But even those who were on the team last year still have to try out.
    Out of over 500 hopefuls only a handful will join the Brooklyn Nets Kids Dance Team. The Nets held auditions this week at LIU Brooklyn. Adorable Bronx native Arielle was turned away last year but this time around she's made it through to the final round of the auditions. But even those who were on the team last year still have to try out.
  • Official: NYPD body cameras are 'win-win'

    Official: NYPD body cameras are 'win-win'

    Thursday, August 21 2014 9:02 PM EDT2014-08-22 01:02:35 GMT
    Public Advocate Letitia James says a 3-ounce camera, if used correctly, could be a key tool in improving community and police relations. She showed off one of the cameras she believes NYPD patrol officers need to be wearing. She said that the cameras would be a "win-win" for the public, transparency, police accountability improving police community relations, reducing civil liability.
    Public Advocate Letitia James says a 3-ounce camera, if used correctly, could be a key tool in improving community and police relations. She showed off one of the cameras she believes NYPD patrol officers need to be wearing. She said that the cameras would be a "win-win" for the public, transparency, police accountability improving police community relations, reducing civil liability.
  • Long Island NewsLong Island NewsMore>>

  • Fatal boat explosion on Long Island

    Fatal boat explosion on Long Island

    Thursday, August 21 2014 11:59 AM EDT2014-08-21 15:59:22 GMT
    Detectives from the Nassau County Homicide Squad are investigating an explosion that destroyed a boat, burned two docks, and killed the boat's owner in Manorhaven on Wednesday afternoon. Two dock workers and two boaters were gassing up a docked 33-foot Carver motor boat just after 2:45 p.m. when an explosion tore through the boat, setting it and the dock on fire, police said. Hogan was reportedly a former NYPD captain.
    Detectives from the Nassau County Homicide Squad are investigating an explosion that destroyed a boat, burned two docks, and killed the boat's owner in Manorhaven on Wednesday afternoon. Two dock workers and two boaters were gassing up a docked 33-foot Carver motor boat just after 2:45 p.m. when an explosion tore through the boat, setting it and the dock on fire, police said. Hogan was reportedly a former NYPD captain.
  • New York Islanders to be sold

    New York Islanders to be sold

    Tuesday, August 19 2014 2:54 PM EDT2014-08-19 18:54:30 GMT
    The New York Islanders have announced that the team is being sold to a former Washington Capitals co-owner and a London-based investor. In a statement Tuesday, the team says a group led by former Capitals co-owner Jon Ledecky and investor Scott Malkin has reached an agreement to buy a "substantial" minority interest in the team.
    The New York Islanders have announced that the team is being sold to a former Washington Capitals co-owner and a London-based investor. In a statement Tuesday, the team says a group led by former Capitals co-owner Jon Ledecky and investor Scott Malkin has reached an agreement to buy a "substantial" minority interest in the team.
  • Cuomo asks feds to review LI flood damage

    Cuomo asks feds to review LI flood damage

    Monday, August 18 2014 5:11 PM EDT2014-08-18 21:11:56 GMT
    New York Gov. Andrew Cuomo announced he is asking for a federal assessment of the flood damage in Suffolk County to see if property owners are eligible for disaster loans and other aid. The Town of Islip had 13.5 inches of rain on August 13, a one-day record. The record-breaking rainfall damaged an estimated 400 Long Island homes. Moffit Boulevard was one of hardest hit streets in Islip.
    New York Gov. Andrew Cuomo announced he is asking for a federal assessment of the flood damage in Suffolk County to see if property owners are eligible for disaster loans and other aid. The Town of Islip had 13.5 inches of rain on August 13, a one-day record. The record-breaking rainfall damaged an estimated 400 Long Island homes. Moffit Boulevard was one of hardest hit streets in Islip.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices