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The Leader of the Opposition made an impassioned plea for homeowners who were becoming the victims of foreclosures. I asked the NHT for a report as to what the situation was with its borrowers.
It shows that at the end of March this year, both the number and percentage of mortgages falling into arrears actually declined by 2% when compared to the same period last year. The number of mortgages that were foreclosed also fell significantly from 101 to 61.
In December I had announced that the NHT would give special consideration to mortgagers who lost their jobs and fell into arrears and would work with them to avoid foreclosure. Up to the end of March, 197 requests were received, 66 were approved, 28 denied, 10 withdrawn and 83 are still being evaluated.
I also checked with the building societies and found the similar situation. There was a slight increase (7%) in mortgages falling into the 31-60 days category, a significant decline (44%) in the 61-90 days category and a small decline (5%) in arrears beyond 90 days.
There will always be cases of forfeiture but the facts do not support the claim that there has been a spike in the build up of arrears or in foreclosures.
http://jis.gov.jm/Budget-Presentatio...PM-Golding.pdf
It shows that at the end of March this year, both the number and percentage of mortgages falling into arrears actually declined by 2% when compared to the same period last year. The number of mortgages that were foreclosed also fell significantly from 101 to 61.
In December I had announced that the NHT would give special consideration to mortgagers who lost their jobs and fell into arrears and would work with them to avoid foreclosure. Up to the end of March, 197 requests were received, 66 were approved, 28 denied, 10 withdrawn and 83 are still being evaluated.
I also checked with the building societies and found the similar situation. There was a slight increase (7%) in mortgages falling into the 31-60 days category, a significant decline (44%) in the 61-90 days category and a small decline (5%) in arrears beyond 90 days.
There will always be cases of forfeiture but the facts do not support the claim that there has been a spike in the build up of arrears or in foreclosures.
http://jis.gov.jm/Budget-Presentatio...PM-Golding.pdf