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State: Homeowners Will Get Sandy Insurance Payments Faster

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.

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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.

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firefly11702 December 14, 2012 at 02:03 AM
Wish that my mortgage company had agreed to this. They have had our advance check for over 10 days and we are still waiting to have the release "approved". This is to get us started and to make emergency repairs. The check is clearly marked ADVANCE.
Carmela Soprano December 14, 2012 at 04:14 AM
When sending checks to your mortgage company, do not endorse it first. Send it by FEDEX and with a return FEDEX shipping label. That's what I did and it worked like a charm.
Rich G December 14, 2012 at 07:15 PM
I didn't opt on getting an advance but I presume when I receive my flood insurance check, it will need to be endorsed by the mortgage company? What a hassle. If your bank has a local branch try going there first before mailing.
unknownauthor December 14, 2012 at 10:51 PM
If you are having this problem, come to the free homeowner event Saturday December 15th in Westbury 11 - 7 where 15 lenders and 8 insurance companies will meet 1:1 with homeowners. Sponsored by NY AG Eric Schniederman, LI Housing Partnership, CDCLI, NeighborWorks & Hope Now Check out the flier www.hopenow.com
Lynette December 15, 2012 at 04:45 PM
Brown Memorial Baptist Church is hosting FEMA on SUNDAY, DECEMBER 16 at 2:00 p.m. Several resource people and organizations are slated to be there. The Address is 484 Washington Avenue btwn Gates Ave and Fulton St. (Here is the information from the flyer) FEMA RESOURCE AND INFORMATION SESSION Brown Memorial Baptist Church would like to extend the invitation to all who were affected by Hurricane Sandy to join us for a resource and information session with FEMA (Federal Emergency Management Administration). WHEN: Sunday, December 16th from 2:00-4:00 PM (following 11:00 AM worship service) WHERE: Brown Memorial Baptist Church 484 Washington Avenue Brooklyn, NY 11236 (Fellowship Hall – Enter on Gates Avenue) WHO: FEMA and other reputable Disaster Relief Specialists (Presentation, Q&A, Individual Counseling) WHAT TO BRING: Claims, Insurance Information, Questions, Applications, Appeals, Documents in process or in need of review, etc. Please share this invitation with friends, family and neighbors who have been impacted by the storm and are in need of support, and join us for worship at our 11:00 AM service prior to the presentation. Light refreshments will be served. We look forward to seeing and supporting you during this time of restoration and rebuilding. This is the link from where I got this information:: https://www.facebook.com/events/512631872104181/
M. Perrotta December 18, 2012 at 12:26 AM
Faster than the 6 weeks everyone has already waited??
M. Perrotta December 18, 2012 at 12:31 AM
why do people from Long Island have Brooklyn ? There has been a great lack of any focus on the South Shore communities of Long Island and specifically Suffolk county . We only see and hear from our local officials when there is a chance of a photo op.

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