Schumer: Banks Should Cut Sandy Victims Break on Mortgage Payments

Sunday, Mar 3, 2013  |  Updated 5:14 PM EDT
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Schumer: Banks Should Cut Sandy Victims Break on Mortgages

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Sen. Charles Schumer is calling on banks to give Sandy victims a forbearance period of at least six months to pay their mortgage.
   
Some banks already allow for a such a period, while others only allow ninety days.

Schumer is also asking banks with mortgage holders who were forced to deal with storm damage to work out a payment plan after the forbearance period.

“Homeowners who lost everything in the storm should get a break from the mortgage payments while they’re picking up and reassembling the pieces," Schumer said at a press conference Sunday. "It’s hard enough to rebuild without having to worry about foreclosure."

Sandy victims struggling to pay a mortgage can go to HUD.gov to find some helpful resources.

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