The Bahamas Mortgage Corporation has joined other financial institutions in agreeing to offer a three-month loan payment deferral for borrowers hit by the COVID-19 economic fall-out.
The state-owned lender said forbearance will be provided for mortgage clients who were in good standing before the pandemic struck. Payments will resume, with accrued interest being applied to the principal balance at the end of this period.
It urged borrowers who have been financially impacted, and may have difficulty in meeting their mortgage commitments to contact it at 502-1050 or via e-mail at covid-19@bmchomes.com
The Bahamas Mortgage Corporation reiterated that homeowners who can afford to continue making payments should do so rather than see their loan balance increase or maturity date extended as a result of accrued interest.
While it currently expects payments with accrued interest to resume in June 2020, it indicated that this deadline could be extended depending on how the COVID-19 crisis plays out.
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