Sunday, March 29, 2009, Jamaica Observer

THE National Housing Trust is offering temporary relief for mortgagors who have been laid off from their jobs.

In a release Thursday, the agency said affected persons can apply for short-term suspension of their monthly loan payments for between three and 24 months.

“The total moratorium period does not exceed 12 months at the first instance. However, at the end of the initial 12 months, the mortgagor’s particular case may be reviewed and a further extension granted,” the NHT, however, explained.

But the housing agency said the moratorium is not applicable to persons who have lost their jobs. “Suspension of mortgage payments applies to any circumstance whereby the mortgagor is temporarily faced with no income, whether due to accident, layoffs or termination due to redundancy or otherwise,” the NHT said.

Suzanne Wynter Burke, assistant general manager of loan management at NHT, said mortgagors who have encountered difficulty in making their regular payments should contact the agency at the earliest possible time.

“We don’t want you to lose your home. The NHT is very understanding of your financial problems, if you show us you are willing to repay your loan. So, come in and talk with us,” she urged.

Meanwhile, the agency said to benefit from the moratorium, mortgagors must meet certain eligibility criteria which include:

. Notification of unemployment must be sent to the NHT within 30 days of becoming unemployed;

. Documentary evidence of unemployment (termination or redundancy letter);

. A good payment history on the part of the mortgagor.

“Eligibility for moratorium is assessed on a case-by-case basis, and applies to mortgagors who are having difficulty in making their mortgage payment due to unemployment,” the housing agency emphasised.

“If the NHT gives you a moratorium, you will still have to make your peril and life insurance payments every month. Once the moratorium is over, your monthly payments will be increased to cover the amounts you did not pay during the period of the moratorium. If you are unable to pay the increased amount, the NHT may give you additional time to pay off the loan,” it added.

Between January 2 and March 13 of this year, some 166 moratorium loan requests were received by the NHT.