Ministry of Water & Housing

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Mortgagors of the National Housing Trust (NHT), who are laid-off from their jobs, can apply for temporary relief on loan payments from the agency.

The home financing agency offers a mortgage moratorium, which is a temporary suspension of 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 suspension of mortgage payments does not apply only 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.

Assistant General Manager of Loan Management at NHT, Suzanne Wynter Burke, said mortgagors who have encountered difficulties 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 said.

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

To benefit from this initiative there are some eligibility criteria provided by the Communications Department of the Trust:

Eligibility for moratorium is assessed on a case-by-case basis, and applies to mortgagors who are having difficulties in making their mortgage payments due to unemployment.

If the mortgagor faces financial difficulties, as a result of a loss of a job, then the approval process requires that:
* Notification of unemployment 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

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.

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