KIYC: Sandy victims struggle with mortgage help

Many Sandy victims are finding themselves stuck paying a mortgage while paying for a rental.

Many victims are stuck paying mortgages on unlivable

Many victims are stuck paying mortgages on unlivable homes while renting.

Many Sandy victims are finding themselves stuck paying a mortgage while paying for a rental.

At a time when mortgage holders should be offering assistance, some residents tell Kane In Your Corner that the banks are instead giving them the cold shoulder.

There is supposed to be help available for Sandy victims. The nation’s largest mortgage underwriters, Fannie Mae and Freddie Mac, are authorizing banks to suspend mortgage payments for up to a year. And instead of balloon payments, banks are being authorized to offer payment plans or extend the loans.

Unfortunately, not all banks seem willing to help and aren’t providing homeowners with all of their available options.

In some cases, housing counselors can mediate between the mortgage holder and the homeowner and can assist in educating homeowners of all of their available options.
 

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