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>>

  • Suspect, rookie officer both wounded in gunfire

    Suspect, rookie officer both wounded in gunfire

    Sunday, August 31 2014 10:11 PM EDT2014-09-01 02:11:38 GMT
    Authorities say an early morning gunfire exchange on a Brooklyn street has left the suspect hospitalized and a police officer with a graze wound.
    Authorities say an early morning gunfire exchange on a Brooklyn street has left the suspect hospitalized and a police officer with a graze wound.
  • New MTA bus routes take effect

    New MTA bus routes take effect

    Sunday, August 31 2014 9:51 PM EDT2014-09-01 01:51:36 GMT
    MTAMTA
    The MTA has new bus routes throughout the 5 boroughs. 
    The MTA has new bus routes throughout the 5 boroughs. 
  • 3 hurt in lightning strike as storms batter NYC area

    3 hurt in lightning strike as storms batter NYC area

    Sunday, August 31 2014 9:47 PM EDT2014-09-01 01:47:41 GMT
    Heavy thunderstorms swept through the tri-state on Sunday causing flash floods and lightning strikes that injured 3 people. The three men were struck at Orchard Beach in the Bronx Sunday afternoon and were being treated at a local hospital. Meanwhile, various Labor Day weekend celebrations were interrupted, delayed and even canceled as the U.S. Open tennis tournament had to be postponed and the Electric Zoo musical festival on Randall's Island had to be prematurely shut down.
    Heavy thunderstorms swept through the tri-state on Sunday causing flash floods and lightning strikes that injured 3 people. The three men were struck at Orchard Beach in the Bronx Sunday afternoon and were being treated at a local hospital. Meanwhile, various Labor Day weekend celebrations were interrupted, delayed and even canceled as the U.S. Open tennis tournament had to be postponed and the Electric Zoo musical festival on Randall's Island had to be prematurely shut down.
  • Long Island NewsLong Island NewsMore>>

  • Celebrity chef Todd English charged with DWI in NY

    Celebrity chef Todd English charged with DWI in NY

    Sunday, August 31 2014 3:17 PM EDT2014-08-31 19:17:03 GMT
    Celebrity chef Todd English has been arrested on a charge of driving while intoxicated in New York.
    Celebrity chef Todd English has been arrested on a charge of driving while intoxicated in New York.
  • Pregnant NY woman shot to death; fetus dies

    Pregnant NY woman shot to death; fetus dies

    Sunday, August 31 2014 3:07 PM EDT2014-08-31 19:07:45 GMT
    Suffolk County police say a pregnant woman was found shot outside her Long Island residence east of New York City and she was later pronounced dead at a hospital.
    A homicide squad in New York is investigating the death of a pregnant woman found with multiple gunshot wounds inside her car. Her fetus didn't survive, either.
  • Teen crashes Lamborghini during test drive, dies

    Teen crashes Lamborghini during test drive, dies

    A New York teen taking a test drive of a family friend's Lamborghini has died after crashing the high-powered sports car into a guardrail.
    A New York teen taking a test drive of a family friend's Lamborghini has died after crashing the high-powered sports car into a guardrail.
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