NEW YORK (CBSNewYork) – There was good news Friday for some victims of Superstorm Sandy.
Shaun Donovan, the U.S. Secretary of Housing and Urban Development, said that families who are rebuilding and have Federal Housing Administration loans can put off making their mortgage payments for another 12 months.
“This isn’t just saving homeowners. This is going to save taxpayer dollars because a foreclosure is bad for all of us. Foreclosing on that home, losing money on that loan, when these are homeowners that have struggled to make their payments. We know that the vast majority of them are likely to succeed,” Donovan said.