Schumer: Sandy homeowners should receive break on mortgage - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

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>>

  • Five Guys offers bacon milkshakes

    Five Guys offers bacon milkshakes

    Wednesday, August 20 2014 6:47 PM EDT2014-08-20 22:47:08 GMT
    Burger chain Five Guys is testing the adage that everything tastes better with bacon. It is rolling out a customizable milkshake program and along with bananas, peanut butter, Oreo cookies, salted caramel, you can chose bacon.  Yes that's right: a bacon milkshake.
    Burger chain Five Guys is testing the adage that everything tastes better with bacon. It is rolling out a customizable milkshake program and along with bananas, peanut butter, Oreo cookies, salted caramel, you can chose bacon.  Yes that's right: a bacon milkshake.
  • Cardinal, leaders meet about NYPD-community relations

    Cardinal, leaders meet about NYPD-community relations

    Wednesday, August 20 2014 6:43 PM EDT2014-08-20 22:43:05 GMT
    Timothy Cardinal Dolan gathered religious and city leaders with the focus of how to ease tensions between police and the community in advance of this Saturday's march to protest the death of Eric Garner. Some of the leaders in this group are rarely photographed together, let alone seated at the same table. But they were brought together over concerns about possible protest violence by the cardinal, one of the most powerful figures in the city and who commands respect across the board.
    Timothy Cardinal Dolan gathered religious and city leaders with the focus of how to ease tensions between police and the community in advance of this Saturday's march to protest the death of Eric Garner. Some of the leaders in this group are rarely photographed together, let alone seated at the same table. But they were brought together over concerns about possible protest violence by the cardinal, one of the most powerful figures in the city and who commands respect across the board.
  • New York's daring Instagrammers

    New York's daring Instagrammers

    Wednesday, August 20 2014 6:03 PM EDT2014-08-20 22:03:35 GMT
    Pull out your smartphone on any given day, tap on Instagram and you'll find a lot of selfies. But while the rest of us clog our feeds with our best pouty faces, a group of photographers scales and then hangs off bridges and buildings in a contest to produce the most daring photograph in New York City.
    Pull out your smartphone on any given day, tap on Instagram and you'll find a lot of selfies. But while the rest of us clog our feeds with our best pouty faces, a group of photographers scales and then hangs off bridges and buildings in a contest to produce the most daring photograph in New York City.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

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