Resources

Hurricane Sandy Relief Resources

Immediate Steps for Housing Relief

Temporary Housing

Find FEMA / HUD Sponsored Housing

Local Homes for Rent

Immediate Steps for Financial Relief

Mortgage Payment Relief

People affected by Sandy maybe eligible for temporary relief from their mortgage payments. Each case is considered on its own merits, but federal guidelines have been put in place. Please contact your mortgage servicing agent (person you send the monthly checks to), or go the Freddie Mac Website

Some relief may include forbearances (vacation from your mortgage payments for a limited period of time), no late penalties, and no negative reporting to credit bureaus, suspension of evections and foreclosures, or loan modifications.

CBS Money Watch Story

Home Owners and Car Insurance

Even though your carrier may be a national company, Insurance is regulated on the State level. Governor Christie has signed Executive Order 107, which means Insurance Companies cannot charge Hurricane / Wind Deductibles for this storm. Standard Home Owner Deductibles apply for all claims. If because of the storm (damage to home, loss of employment, lost business ect…) you will struggle to make your next Insurance payment. Please contact your Insurance Agent. During times of natural disasters, the State can instruct companies to aid its clients with payment relief.

Credit Cards

If you will have problems making your credit card payments because of the storm, please contact your credit card companies and discuss what kind of arrangements can be made. This is important in preventing the companies from reporting negative activity on your credit report.

Unemployment for Self Employed

Even Self-Employed (people who file 1099 income on their tax returns) can file for unemployment benefits under a new order passed by Governor Christie. You must first apply for regular unemployment benefits. Once you are denied, you can qualify for a special fund. Temporary employment is also available through a government grant for storm related clean up. Please go to the same link as unemployment.

NJ State Unemployment Information

NJ State Department of Labor Sandy Help Center

Loans and Other Programs to Help You Rebuild

Renters

People should file with their Renters Insurance Company first. If the claim is denied, you have other options.

Federal Emergency Management Agency FEMA

FEMA an provide low interest loans (as low as 1.86%) of up to $40,000 to help replace lost property.

Residents throughout the state have been registering with FEMA Online Disaster Assistance, by calling 1-800-621-FEMA (3362) anytime from 7AM-10PM, or by visiting their nearest disaster recovery center set up by the federal agency.

US Small Business Administration

Yes believe it or not, renters can qualify for loans even if they do not own a small business. Please visit the SBA Website for information.

Homeowners

People should file with their Homeowner Insurance carrier first for all claims. If the claim is denied by your Homeowners Insurance, there are other options available. You can apply to the following organizations:

Federal Emergency Management Agency FEMA

Home owners can apply for low interest loans (as low as 1.68%) of up to $200,000 to help replace lost property.

Residents throughout the state have been registering with FEMA Online Disaster Assistance, by calling 1-800-621-FEMA (3362) anytime from 7AM-10PM, or by visiting their nearest disaster recovery center set up by the federal agency.

US Department of Agriculture (USDA)

Many areas in NJ & NY are covered by the USDA. Because of this, they are eligible for all USDA Relief and loan programs. There are at least 4 loan programs this area. USDA Disaster Assistance

Broker Dealers

For those people who are liquid (have substantial investable cash assets), getting Asset Backed loans from your Investment Bank maybe a good financial option. It will allow you to keep your money in the market while enjoying a low interest rate which can usually be covered by market growth.

Mortgage Companies

Those with equity in their home can apply for either a Cash out Refinance or a Home Equity Loan. Rates and terms vary by each bank and applicant. For those over 62 years of age with equity in their home, a Reverse Mortgage may be able to help.

Business Owners

People should file with the Business Insurance first for all claims. If the claim is denied by your Insurance, there are other options available. You can apply to the following organizations:

Federal Emergency Management Agency FEMA

Home owners can apply for low interest loans (as low as 1.68%) of up to $2,000,000 to help replace lost property.

Residents throughout the state have been registering with FEMA Online Disaster Assistance, by calling 1-800-621-FEMA (3362) anytime from 7AM-10PM, or by visiting their nearest disaster recovery center set up by the federal agency.

US Department of Agriculture (USDA)

Many areas in NJ & NY are covered by the USDA. Because of this, they are eligible for all USDA Relief and loan programs. There are at least 4 loan programs this area. USDA Disaster Assistance

US Small Business Administration

SBA Resources Page

Broker Dealers

For those people who are liquid (have substantial investable cash assets), getting Asset Backed loan from your Investment Bank / Brokerage Bank maybe a good financial option. It will allow you to keep your money in the market while enjoying a low interest rate which can usually be covered by market growth.

Student Loans & Grants

Most, if not all, Student Loans programs have offered temporary relief or delayed payments for those affected by the storm. Please contact your servicing provider to understand the application process. Application deadlines for most student loan and grant programs have been extended. Please contact you individual agency to identify the new deadlines.

 

Social Security / Pension Payments

Please keep people in mind who are living on social security or pension payments and many have been displaced by the storm. The mail may be having a hard time locating these people or being forwarded. Please contact your administrator to address these concerns.

Information generously provided by:

Sean T. Keating, CFP®, CDFA™, ChFC®, RFC®

Principal, Patriot Financial Advisors LLC

Licensed Insurance Agent # 15989011

Licensed Mortgage Broker NMLS# 424806

Direct (201) 779-7187

Fax (732) 831-6106

sean.keating@patriotfa.com

19 Christopher Way

Eatontown, NJ 07724

www.patriotfa.com

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