NASSAU, BAHAMAS — The Bahamas Mortgage Corporation (BMC) has announced that it will provide a three month loan deferral plan for mortgagors negatively impacted by the COVID-19 pandemic.
In a move similar to that taken by the commercial banks and other local lenders, the BMC said the benefit will be extended to 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.
The BMC statement read: “Mortgagors who have been financially impacted and may have difficulty meeting their mortgage commitment should contact the Corporation as soon as possible on 502-1050, or email: firstname.lastname@example.org to discuss the requirements of the plan.”
The corporation noted that interest will continue to accrue on the principal balance if the loan payment deferral plan is accepted.
The statement 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. 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.”