MORE ON HURRICANE SANDY

Many homeowners from Sandy have been unable to cash settlement checks because they are made out to both homeowners and their mortgage lenders. Since homes are the collateral backing mortgages written by banks, it's common for insurers to make out settlement checks to both homeowners and lenders. Banks often wait to sign off until the work is finished to make sure the property is repaired.

Governor Cuomo on Wednesday announced that some financial institutions have agreed to expedite endorsements for initial settlement checks, typically less than $20,000. Most of the homeowners I counsel at the NCBA naturally have suffered damages way in excess of $20,000. Some homeowners, to compound the issue, are underwater, noth with respect to the storm damage as well as the value of their home.