Major State Banks and Mortgage Servicers Offering Relief for Home Mortgage Borrowers in Aftermath of Sandy
Relief includes no foreclosures or late fees for 90 days
Several major state-chartered banks and mortgage servicers have agreed to offer relief for home mortgage borrowers in the areas affected by Storm Sandy, including, in many cases, no foreclosures and no late fees for 90 days, as of November 7, 2012.
Thousands of Nassau County residents are still struggling with the effects of Super Storm Sandy and the NoríEaster which hit the area on November 7, and in many cases still have no electricity, a limited ability to travel or communicate, and are facing gas shortages. As a result, some people may be late in payments on mortgages or incur other bank fees and penalties. Major New York State chartered banks and registered mortgage servicers have agreed to waive fees and penalties so borrowers, who are already facing the difficulties and expenses of recovering, wonít have this additional cost.
Details may vary from institution to institution and borrowers should contact their individual bank or mortgage servicer for specifics. In general, banks and mortgage servicers are working with borrowers who have been harmed as a result of Storm Sandy and offering the following types of relief:
Financial institutions seeking additional guidance for assisting customers affected by the impact of Storm Sandy are urged to contact the Departmentís Albany office at 518-473-6160.