Home mortgage borrowers are getting some relief in the wake of Superstorm Sandy.
Governor Andrew Cuomo announced that major state banks and mortgage services will offer no foreclosures and no late fees for 90 days for those living in areas affected by the storm. State chartered banks included in this effort are Apple Savings Bank, New York Community Bank and Ridgewood Savings Bank and mortgage services involved include Citi Mortgage, Nationstar and Homeward Residential.
“I am proud to say that 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, won’t have this additional cost,” said Cuomo.
Details may vary from institution to institution and borrowers should contact their individual bank or mortgage provider for specifics.