Schumer: Sandy homeowners should receive break on mortgage - New York News

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.

  • Long Island NewsLong Island NewsMore>>

  • Hoax 'swatting' call sends dozens of cops to LI home

    Hoax 'swatting' call sends dozens of cops to LI home

    Tuesday, April 22 2014 10:43 PM EDT2014-04-23 02:43:53 GMT
    Heavily armed police officers descended on a home in Long Beach, Long Island, Tuesday afternoon thinking they might find a grisly murder scene. Instead they found a terrified woman who had no clue what they were talking about and her teenaged son playing video games. "We received a phone call from a gentleman who stated he had just shot his mother and his brother," Long Beach Police Commissioner Michael Tangney said. "Unfortunately, this is a terrible national problem for law enforcement."
    Heavily armed police officers descended on a home in Long Beach, Long Island, Tuesday afternoon thinking they might find a grisly murder scene. Instead they found a terrified woman who had no clue what they were talking about and her teenaged son playing video games. "We received a phone call from a gentleman who stated he had just shot his mother and his brother," Long Beach Police Commissioner Michael Tangney said. "Unfortunately, this is a terrible national problem for law enforcement."
  • Long Island teacher arrested for hit-and-run crash

    Long Island teacher arrested for hit-and-run crash

    Tuesday, April 22 2014 5:57 AM EDT2014-04-22 09:57:01 GMT
    SCPD photoSCPD photo
    A Long Island schoolteacher is accused of slamming her car into a parked minivan and then driving away while under the influence of drugs and alcohol, according to Suffolk County Police. With a description of the car that drove away, police drove around the area of the collision and found it in the parking lot of Center Moriches High School, police said.
    A Long Island schoolteacher is accused of slamming her car into a parked minivan and then driving away while under the influence of drugs and alcohol, according to Suffolk County Police. With a description of the car that drove away, police drove around the area of the collision and found it in the parking lot of Center Moriches High School, police said.
  • Special Olympics: Athlete Jessica Spitz

    Special Olympics: Athlete Jessica Spitz

    Friday, April 18 2014 6:35 PM EDT2014-04-18 22:35:09 GMT
    Jessica Spitz, 18, is training for one of the biggest days of her life. The Commack, Long Island, High School senior will be competing in the 2014 Special Olympics USA Games in the 100-yard dash and the shot put. From the moment Jessica joined Special Olympics last year, she was hooked.
    Jessica Spitz, 18, is training for one of the biggest days of her life. The Commack, Long Island, High School senior will be competing in the 2014 Special Olympics USA Games in the 100-yard dash and the shot put. From the moment Jessica joined Special Olympics last year, she was hooked.
  • Brooklyn NewsBrooklyn NewsMore>>

  • Deli clerk burned in Molotov Cocktail attack

    Deli clerk burned in Molotov Cocktail attack

    Thursday, April 24 2014 7:10 AM EDT2014-04-24 11:10:53 GMT
    A store clerk inside of a Brooklyn mini-mart was set ablaze when an enraged sicko threw a Molotov Cocktail into the store.  It happened just before 2 a.m. on Wednesday at the store on Fort Hamilton Parkway.The 34-year-old store clerk had his hair and coat catch fire in the attack.
    A store clerk inside of a Brooklyn mini-mart was set ablaze when an enraged sicko threw a Molotov Cocktail into the store.  It happened just before 2 a.m. on Wednesday at the store on Fort Hamilton Parkway.The 34-year-old store clerk had his hair and coat catch fire in the attack.
  • God's Love We Deliver virtual bake sale for birthday cakes

    God's Love We Deliver virtual bake sale for birthday cakes

    Wednesday, April 23 2014 6:36 PM EDT2014-04-23 22:36:46 GMT
    God's Love We Deliver provides meals to people in the New York City area who are too sick to shop and cook for themselves. Clients also receive birthday cards that are decorated by local school students. Sometimes a cake is the only birthday gift that God's Love's clients will receive.
    God's Love We Deliver provides meals to people in the New York City area who are too sick to shop and cook for themselves. Clients also receive birthday cards that are decorated by local school students. Sometimes a cake is the only birthday gift that God's Love's clients will receive.
  • NYPD Twitter hashtag backfires

    NYPD Twitter hashtag backfires

    Wednesday, April 23 2014 6:23 AM EDT2014-04-23 10:23:11 GMT
    A NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
    A NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
Powered by WorldNow
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