Governor Cuomo Announces Review of Banks’ Post Sandy Mortgage Practices

Albany, NY – March 6, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that the Department of Financial Services is initiating a review of practices by banks and mortgage servicers to determine whether homeowners hit hard by Superstorm Sandy and allowed to forgo mortgage payments are now being unfairly burdened by being required to make up all past payments in immediate lump sum repayments. The Department is asking banks to allow more time for homeowners to make back payments and checking if banks have delivered on their promise not to use late payments to start foreclosure proceedings or hurt homeowners’ credit ratings

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