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Special Program To Prevent Mortgage Spike For Some NY Sandy Victims

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TWC News: Special Program To Prevent Mortgage Spike For Some NY Sandy Victims
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Some help is on the way for Hurricane Sandy victims who were about to be hit with a big spike in their mortgage payments.

Governor Andrew Cuomo said Thursday that Fannie Mae and Freddie Mac agreed to a special program for New Yorkers who deferred mortgage payments in the months after the storm.

The two agencies underwrite 65 percent of mortgages in the state.

Under the new rules, homeowners who were not delinquent before the storm will avoid a payment spike, and will also be eligible for a lower monthly payment and a lower interest rate.

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