The Bahamas Mortgage Corporation announced yesterday it is deferring mortgage payments for three months due to the COVID-19 pandemic.
“The Bahamas Mortgage Corporation has agreed to provide a three-month loan payment deferral plan for its mortgagors who have been negatively impacted by the COVID-19 pandemic,” a statement from the corporation read.
“Forbearance of monthly payments will be provided for mortgagors who maintained their accounts in good standing before the onset of the pandemic.
“Payments will resume, with accrued interest being applied to the principal balance, at the end of this period.
“Mortgagors who have been financially impacted and may have difficulty meeting their mortgage commitment should contact the corporation as soon as possible [to] discuss the requirements of the plan.”
Over the past month, as the pandemic caused businesses to close and thousands of Bahamians to be laid off, major banks announced they would defer loan payments for three months.
Some utilities also said they will suspend disconnections for non-payment as a relief measure during this crisis.
The mortgage corporation suggested that its deferral program could last longer than three months depending on the continually changing circumstances brought on by the virus.
“While we expect payments with accrued interest to resume in June 2020, the corporation will be guided by the general economic and health and safety condition of the country, as significant uncertainty remains,” its statement read. But, it also added: “Homeowners who can afford to continue making payments are encouraged to do so rather than see their mortgage balance increase or maturity date extended as a result of accrued interest.”