Get banks to give Sandy victims a one year grace period on their mortgages
When the auto industry got themselves in trouble they got a bailout.
When Wall St. got themselves in trouble they got a bailout.
When the Banks and Insurance companies got themselves in trouble they got a bailout.
When hard working tax paying citizens lose everything through no fault of their own they get ignored.
Welcome to Disaster Recovery 101.
I cannot believe that the same insurance companies are making it almost impossible for victims to reclaim their losses.
I cannot believe why the same banks that we bailed out are now holding up whatever checks the insurance companies are cutting when the victims need the money now.
And I am not only talking about home owners but small business owners as well.
I think they are just as important as the auto industry as they are the backbone of our local communities.
Here is my simple solution.
It’s kind of a bailout that is not actually a bailout.
We need the government to step in and ask the mortgage holders to give the property owners a one year Grace period to get back on their feet.
One year payment free period that would be back loaded at the end of their mortgages.
If the banks don’t agree the government should set up a fund to give interest free loans with the sole purpose of paying the mortgages for one year.
These loans would be due one year after the mortgages are paid off or when the properties are sold.
The government should also supply any lawyers to make this work so that the victims would not incur any additional legal fees.
It may not be the greatest solution but at least it will ease the financial pressures of the victims and allow them to work through the roadblocks currently being set up by the insurance companies and banks.
The victims deserve a break.
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