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Banks offer delayed payments to flooded customers
Source:
theadvocate.com
- Aug 23, 2016
Banks and credit unions are offering to let tens of thousands of flood-affected customers delay making mortgage and loan payments, but consumers should find out exactly what's involved in catching up before signing up.
Kip Wall, a partner with the Baton Rouge firm of Simon, Fitzgerald, Cooke, Reed and Welch, the state's oldest bankruptcy law firm, said consumers need to get the details in writing, including the amount of the repayment and when the repayment starts.
"During Katrina some mortgage companies offered deferment periods, and at the end of the deferment period they wanted the full amount due," Wall said. "I'm not going to say this wasn't explained to them (consumers). But they certainly did not understand it."
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Category: General Business
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