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AN OPEN LETTER TO OUR ELECTED OFFICIALS RE: MORTGAGE RELIEF

 
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DMCKEON
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Joined: Mar 17, 2005
Posts: 22572
Location: Staten Island

PostPosted: Thu Mar 07, 2013 12:24 pm    Post subject: AN OPEN LETTER TO OUR ELECTED OFFICIALS RE: MORTGAGE RELIEF
From Mar 07, 2013 to Apr 06, 2013 (included)
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Senator Schumer
Senator Gillibrand
Congressman Grimm
Senator Savino
Senator Lanza
Assemblywoman Malliotakis
Assemblyman Cusick
Assemblyman Titone
Assemblyman Borelli
Borough President Molinaro
Councilwoman Rose
Councilman Oddo
Councilman Ignizio


There have been a few plans passed around as how to provide mortgage assistance to Sandy Victims.

Unfortunately most of these plans include additional interest payments or balloon payments at the end of the loan.

We have come up with a plan that includes neither and will provide victims with available cash now.

The idea is simple.

We ask the banks to give the victims a one year grace period on their mortgages.

This will be a one year period during which victims will not have to pay principal or interest.

The year will then be placed at the end of the mortgage.

For example if a victim has 10 years left on their mortgage and currently pays $1,500 a month and their mortgage payments would end in 2023.

If the grace period started on 4/1/13 they would not have to pay anything through March of 2014.

They would resume making payments in April 2014 and their mortgage would now end in 2024.

The victims would be paying the full balance on the principal of the loan and the banks would collect the same amount of interest.

This plan will give victims the cash they need now by reducing their monthly expenditures by the amount of their loan payments for one year.

We have started a petition and we hope we can count on your support to make this happen.

The link to the petition is

http://www.where-to-turn.org/phpBB2/viewtopic.php?p=59561

Sincerely,

Dennis McKeon
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