Chase is allowing homeowners affected by Hurricane Sandy to defer payments missed during a recent moratorium to the end of the loan term.
Last week, Sen. Chuck Schumer, D-N.Y, asked the banks to extend their mortgage payment holidays for victims of Hurricane Sandy before they run out of time.
Customers qualify for the payment holiday if they were current on their mortgage when Sandy hit and if the loan is actually owned by Chase.
"We created a payment moratorium to help our customers who were struggling after Sandy and now we’re allowing them to make those payments over an extended period of time," said Kevin Watters, CEO of mortgage banking at Chase. "We will automatically adjust their loan with no documentation required and at no cost to them."