Feds give up to 1 year break on mortgage payments

NEW YORK (AP) – Federal mortgage payment relief has
been extended up to one year for more than 200,000 homeowners whose
houses were damaged by Superstorm Sandy.

U.S. Housing and Urban Development Secretary Shaun
Donovan announced the extension for homeowners with Federal Housing
Administration-insured loans on Friday.

A previous mortgage payment extension for
federally-backed home loans was set to expire on April 30. About 286,000
homeowners with FHA-insured loans were affected by the late October
storm, with nearly 96,000 in New York.

Donovan said the 12-month extension was meant to help homeowners still struggling to rebuild avoid foreclosure.

Copyright 2013 The
Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten or redistributed.

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