NEW YORK (CBSNewYork) – Sen. Charles Schumer met with victims of superstorm Sandy on Sunday morning.
New York’s senior senator called on banks to extend their “payment delay period” known as a forbearance period and provide flexible payback plans to help storm victims recover without bankrupting themselves.
Following Sandy, banks allowed homeowners to delay mortgage payments for three to six months, but that window is set to expire.
Schumer said many banks are now demanding an immediate lump-sum payment from homeowners.
“The banks should simply extend the forbearance period to at least six months and longer. Homeowners who lost everything in this storm should get a break from the mortgage payments while they’re picking up and reassembling the pieces. It’s hard enough to rebuild without having to worry about foreclosure,” Schumer said.