Editor’s Note: This article was written and submitted by Greg Sleter.
Local residents working to repair their homes damaged by Hurricane Sandy will be able to have faster access to insurance payments.
Gov. Andrew Cuomo said on Thursday that several leading banks and mortgage providers have agreed to remove “stringent” requirements that delayed money from being released to area homeowners in need.Follow Merrick Patch on Facebook by clicking here.
According to the Governor, the need to have insurance claim checks endorsed by banks or mortgage providers prior to homeowners cashing the checks led to delays.
“Homeowners need help now and that’s why insurers are sending advance checks to meet their immediate needs,” said Cuomo. “Any delay in making these types of critical home repairs can mean the difference between a family being able to live safely in their home or remaining needlessly displaced for weeks or even months.”
Banks and mortgage providers taking part in the agreement are Bank of America, Citi Mortgage, JPMorgan Chase N.A., Wells Fargo Home Mortgage, Apple Savings Bank, Dime Savings Bank of Williamsburg, Emigrant Savings Bank, Homeward Residential, M&T Bank, Nationstar, New York Community Bank and Ocwen Loan Servicing.
State officials also said that the grace period on mortgage payments has been expanded for another three months. This additional time will allow New Yorkers affected by Hurricane Sandy to catch up on their payments without having to face collection agencies or a lowered credit score, Cuomo said.MORE TOP NEWS
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