As homeowners try to rebuild life after Sandy, they are finding it difficult to make mortgage payments. As posted by Bloomberg.com, mortgage delinquencies saw a huge jump in areas hit hardest by Hurricane Sandy. As reported by Lender Processing Services Inc, delinquencies surged 15.4 percent in Connecticut, 15.2 percent in New Jersey and 14.8 percent in New York.
The article mentions an interview with Keith Gumbinger, vice president of HSH.com, a Pompton Plains, New Jersey-based mortgage-information website, in which he states “A good portion of these are probably temporary,” (due to brief disruptions) “However, there are people who did suffer from catastrophic loss, whose houses are not habitable.”
Fannie Mae and Freddie Mac said that they would suspend evictions and foreclosure sales for 90 days in storm- disaster areas.
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