Schumer To Banks: Sandy Homeowners Need More Time
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Senator Charles Schumer is asking the banking industry to do more to help Hurricane Sandy victims.
He wants banks to extend their grace periods for homeowners who have been unable to make their mortgage payments.
Speaking to reporters Sunday, Schumer said most financial institutions have given homeowners a three to six month reprieve, also known as a forbearance.
But with the breaks about to expire, some banks are asking for the back payments in one lump sum.
"It's hard enough to rebuild with out having to worry about foreclosure. Can you imagine? You're busy rebuilding your home and then you think the bank is going to take it away from you? Wow. I wouldn't want to go to bed thinking about that," Schumer said.
Schumer would like to see the banks give a minimum six month forbearance or even longer.
He is also asking them to come up with more flexible payment plans.