Schumer: Sandy homeowners should receive break on mortgage - FOX13 News, WHBQ FOX 13

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>>

  • Summit at City Hall to discuss police-community relations

    Summit at City Hall to discuss police-community relations

    Thursday, July 31 2014 7:29 AM EDT2014-07-31 11:29:54 GMT
    Ways to improve the relationship between the NYPD and communities in New York City will be at the center of a summit held at City Hall on Thursday. Mayor Bill de Blasio, Police Commissioner Bill Bratton, Rev. Al Sharpton, city officials and community leaders are expected to attend the round table. Accusations of police brutality and the death of a man under arrest for selling un-taxed cigarettes on Staten Island lead Mayor De Blasio to host the forum.
    Ways to improve the relationship between the NYPD and communities in New York City will be at the center of a summit held at City Hall on Thursday. Mayor Bill de Blasio, Police Commissioner Bill Bratton, Rev. Al Sharpton, city officials and community leaders are expected to attend the round table. Accusations of police brutality and the death of a man under arrest for selling un-taxed cigarettes on Staten Island lead Mayor De Blasio to host the forum.
  • NYC subway report card

    NYC subway report card

    Wednesday, July 30 2014 5:09 PM EDT2014-07-30 21:09:16 GMT
    "A mixed bag": That's how the Straphangers Campaign characterizes New York City subways; some good parts and some bad. For example, the C train breaks down most often, not surprising since the line has 50-year-old cars. But C trains were also the cleanest in the transit system.Straphangers said the worst subway trains were the IRT's No. 2.
    "A mixed bag": That's how the Straphangers Campaign characterizes New York City subways; some good parts and some bad. For example, the C train breaks down most often, not surprising since the line has 50-year-old cars. But C trains were also the cleanest in the transit system.Straphangers said the worst subway trains were the IRT's No. 2.
  • 5 annoying things about the New York City subway

    5 annoying things about the New York City subway

    Wednesday, July 30 2014 1:07 PM EDT2014-07-30 17:07:01 GMT
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about subways in New York City.
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about subways in New York City.
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

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