Schumer: Sandy homeowners should receive break on mortgage - DC News FOX 5 DC WTTG

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>>

  • New 'head stomp' police brutality video sparks outrage

    New 'head stomp' police brutality video sparks outrage

    Saturday, July 26 2014 11:13 PM EDT2014-07-27 03:13:51 GMT
    For the third time in just a few weeks, a new video showing police brutality has surfaced and it's sparking outrage. The video from Brooklyn appears to show an NYPD officer step on a suspect's head.
    For the third time in just a few weeks, a new video showing police brutality has surfaced and it's sparking outrage. The video from Brooklyn appears to show an NYPD officer step on a suspect's head.
  • G subway line shutting down for 5 weeks

    G subway line shutting down for 5 weeks

    Friday, July 25 2014 9:37 PM EDT2014-07-26 01:37:26 GMT
    Beginning Friday night, a portion of the G subway line that connects Brooklyn and Queens will be shut down for five weeks.
    The MTA says there will be no service between the Nassau Avenue station in Greenpoint and Court Square in Long Island City until Sept. 2.
    Beginning Friday night, a portion of the G subway line that connects Brooklyn and Queens will be shut down for five weeks.
    The MTA says there will be no service between the Nassau Avenue station in Greenpoint and Court Square in Long Island City until Sept. 2.
  • The Big Idea

    Making New York City more energy efficient

    Making New York City more energy efficient

    Friday, July 25 2014 8:45 PM EDT2014-07-26 00:45:49 GMT
    More than half the population of New York City rides public transportation to work. No other metropolis in this country even approaches that percentage or the MTA's total number of riders. For that reason, New York likely ranks as the most energy-efficient city in the nation. But what would it take to make the city even more energy-efficient or even self-sufficient?
    More than half the population of New York City rides public transportation to work. No other metropolis in this country even approaches that percentage or the MTA's total number of riders. For that reason, New York likely ranks as the most energy-efficient city in the nation. But what would it take to make the city even more energy-efficient or even self-sufficient?
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

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