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.
Wednesday, May 22 2013 8:23 AM EDT2013-05-22 12:23:21 GMT
Ex-congressman Anthony Weiner whose career imploded after raunchy tweets said in a YouTube video announcement that he's in the New York City mayoral race.
Ex-congressman Anthony Weiner whose career imploded after raunchy tweets said in a YouTube video announcement that he's in the New York City mayoral race. A poll released Wednesday placed Weiner in second place behind City Council Speaker Christine Quinn in a Democratic primary.
Tuesday, May 21 2013 1:15 PM EDT2013-05-21 17:15:24 GMT
An NYPD detective is accused of hacking into department computers and obtaining information about dozens of people including co-workers. Edwin Vargas was arrested Tuesday outside his home in Bronxville.
An NYPD detective is accused of hacking into department computers and obtaining information about dozens of people including co-workers.
Monday, May 20 2013 10:28 PM EDT2013-05-21 02:28:23 GMT
After Assemblyman Vito Lopez resigned over claims of serial sexual harassment of female staffers, attention turned to whether powerful Assembly Speaker Sheldon Silver should continue his leadership.
After Assemblyman Vito Lopez resigned over claims of serial sexual harassment of female staffers, attention turned to whether powerful Assembly Speaker Sheldon Silver should continue his leadership.
Sunday, May 19 2013 10:57 PM EDT2013-05-20 02:57:40 GMT
The federal judge presiding over civil rights challenges to the stop-and-frisk practices of the New York Police Department has no doubt where she stands with the government.
The federal judge presiding over civil rights challenges to the stop-and-frisk practices of the New York Police Department has no doubt where she stands with the government.
Sunday, May 19 2013 8:35 PM EDT2013-05-20 00:35:12 GMT
A bicyclist was killed when he was struck by a livery cab in Brooklyn early Sunday morning. Police say the victim was riding eastbound on Eastern Parkway between Underhill and Washington Avenues
A bicyclist was killed when he was struck by a livery cab in Brooklyn early Sunday morning. Police say the victim was riding eastbound on Eastern Parkway between Underhill and Washington Avenues
Friday, May 17 2013 9:12 PM EDT2013-05-18 01:12:56 GMT
A welcome sight in Coney Island: workers cleaning umbrellas, wiping down counters, and putting the finishing touches on a rebuilt Original Nathan's Famous.
A welcome sight in Coney Island: workers cleaning umbrellas, wiping down counters, and putting the finishing touches on a rebuilt Original Nathan's Famous.
Friday, May 17 2013 8:28 PM EDT2013-05-18 00:28:27 GMT
Democratic Assemblyman Vito Lopez, who represents New York City, said he will resign June 20 amid a sexual harassment scandal and run for a City Council seat.
Democratic Assemblyman Vito Lopez, who represents New York City, said he will resign June 20 amid a sexual harassment scandal and run for a City Council seat.
Thursday, May 16 2013 9:58 PM EDT2013-05-17 01:58:24 GMT
Prospect Park is a 558-acre urban oasis in the heart of Brooklyn; perfect for running, relaxation, and recreation. While hundreds take advantage of the trails and paths, many here were surprised to learn
Prospect Park is a 558-acre urban oasis in the heart of Brooklyn; perfect for running, relaxation, and recreation. While hundreds take advantage of the trails and paths, many here were surprised to learn
Thursday, May 16 2013 6:06 PM EDT2013-05-16 22:06:34 GMT
A smuggling ring that made a fortune selling more than a million cartons of untaxed cigarettes in New York may have funneled some of the illicit proceeds to terrorist groups, authorities said.
A smuggling ring that made a fortune selling more than a million cartons of untaxed cigarettes in New York may have funneled some of the illicit proceeds to terrorist groups, authorities said.
Thursday, May 16 2013 1:17 PM EDT2013-05-16 17:17:42 GMT
Several New York lawmakers are sounding the alarm about security and safety lapses at day care centers across New York City.
Several New York lawmakers are sounding the alarm about security and safety lapses at day care centers across New York City. In a report released Thursday, dozens of daycares cited by the Dept. of Health for serious and critical health code violations since 2010, have not fixed the problems and continue to operate without penalty.
