Hurricanes could bring another disaster: Foreclosures

 

Source: Lydia DePillis, CNNMoney

Although most mortgage lenders are offering grace periods for homeowners in disaster zones, the real trouble begins when those grace periods run out.

For many, months of postponed payments were suddenly due all at once after that grace period ended, creating an insurmountable burden.  The other problem: Mortgage servicers tend not to release insurance payments until homeowners have a contractor lined up to make repairs.

Read Full Article: Hurricanes could bring another disaster: Foreclosures

 

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