Homeowners say that to catch up on payments, lenders demand big balloon payments they can't afford. Advocates want Congress to mandate that missed payments simply be added to the end of the loan term.
Millions of homeowners who've lost their incomes qualify to defer payments. But many say lenders are demanding unfair terms such as massive subsequent lump sum payments that they can't afford.
The federal government is telling lenders to lower or suspend mortgage payments for up to 12 months for homeowners who have lost income due to the coronavirus outbreak.
Evelyn and Grattan Betancourt live in a wealthy, majority-black county in the U.S. They did everything they were supposed to: steady jobs, bought a house within their means. Things still went wrong.
It's the latest step in a growing controversy after thousands of homeowners said insurance companies lowballed damage estimates and insurance insiders called the appeals process "rigged."
As Sandy victims and FEMA work to resolve accusations of falsified damage estimates, some are questioning how the agency can be both a flood insurance provider and a regulator of flood insurance.
Over two years after Superstorm Sandy flooded homes in New Jersey and New York, legal battles still rage over insurance claims to repair damage. But insurance companies aren't playing by the rules.