Schumer: Sandy homeowners should receive break on mortgage - Fox 2 News Headlines

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>>

  • NYC stores with no signs feed curiosity

    NYC stores with no signs feed curiosity

    Tuesday, July 29 2014 8:40 PM EDT2014-07-30 00:40:09 GMT
    From coffee shops in Brooklyn to restaurants in Manhattan, we find speakeasies standing out by blending in. When people in Bushwick want a green machine juice blend they visit Leticia Castillo's Owl Juice Pub. But first they must find the owl. "We been doing fine without a sign," Castillo says.
    From coffee shops in Brooklyn to restaurants in Manhattan, we find speakeasies standing out by blending in. When people in Bushwick want a green machine juice blend they visit Leticia Castillo's Owl Juice Pub. But first they must find the owl. "We been doing fine without a sign," Castillo says.
  • Several new animals on display at NYC zoos

    Several new animals on display at NYC zoos

    Tuesday, July 29 2014 4:44 PM EDT2014-07-29 20:44:02 GMT
    WCS photoWCS photo
    The Wildlife Conservation Society's zoos in New York City have debut some interesting new animals in their habitats in recent weeks. The flagship Bronx Zoo is now home to a herd of endangered Turkmenian flare-horned markhor, a species of mountain goat native to Afghanistan, India, Pakistan, Tajikistan, and Uzbekistan. Some river otter pups are getting to know their home in Prospect Park, and the Queens Zoo has some new majestic American bison.
    The Wildlife Conservation Society's zoos in New York City have debut some interesting new animals in their habitats in recent weeks. The flagship Bronx Zoo is now home to a herd of endangered Turkmenian flare-horned markhor, a species of mountain goat native to Afghanistan, India, Pakistan, Tajikistan, and Uzbekistan. Some river otter pups are getting to know their home in Prospect Park, and the Queens Zoo has some new majestic American bison.
  • Pregnant woman says officer put her in choke hold

    Pregnant woman says officer put her in choke hold

    Tuesday, July 29 2014 1:52 PM EDT2014-07-29 17:52:29 GMT
    A Brooklyn woman who is seven months pregnant released photos that she said show an NYPD officer putting her in a choke hold as she was being arrested for grilling on the sidewalk outside her home.  It's the latest in a string of reported choke holds by police officers. The move is not allowed under NYPD policy.  Miller was expected to meet with Brooklyn District Attorney Ken Thompson on Tuesday to seek charges against police.
    A Brooklyn woman who is seven months pregnant released photos that she said show an NYPD officer putting her in a choke hold as she was being arrested for grilling on the sidewalk outside her home.  It's the latest in a string of reported choke holds by police officers. The move is not allowed under NYPD policy.  Miller was expected to meet with Brooklyn District Attorney Ken Thompson on Tuesday to seek charges against police.
Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

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