NHMFC offers moratorium to standoff victims-A A +A
Tuesday, October 1, 2013
THE National Home Mortgage Finance Corporation (NHMFC) is implementing a six-month moratorium on the amortization of payments for borrowers affected by the standoff in Zamboanga City.
Vice President Jejomar Binay, who heads the NHMFC board, said the moratorium shall be effective November 1 of this year until April 30 next year.
Binay, who also heads the Housing Urban and Development Coordinating Council, said the borrowers should file their application for moratorium not later than October 31.
"This is our way of providing assistance to the people of Zamboanga whose properties were damaged by the recent siege, as they go through rough times," Binay said in a statement Tuesday.
He said the borrowers account should be in current status or zero to three months in arrears in order to qualify for the program.
Qualified housing loan borrowers shall not be charged with interest and penalty within the six-month period of implementation, the Vice President said.
"The moratorium shall take effect starting from the approval date of the application. As a result of the moratorium, the loan term shall be automatically extended equivalent to the same number of months that the account is under moratorium," he said.
Binay said that NHMFC borrowers/buyers who are no longer interested to return to their respective homes/units may opt to voluntarily surrender their properties through dacion en pago, subject to the terms and conditions under the law governing the same.
Dacion en pago is a special mode of payment wherein the debtor offers another thing to the creditor who accepts it as equivalent of payment of an outstanding obligation. (Bong Garcia)