GUAM HOMEOWNERS GET TYPHOON LOAN BREAK

HAGATNA, Guam (Pacific Daily News, Jan. 9) - Guam homeowners financially hit hard by Supertyphoon Pongsona now have a chance to apply for deferred mortgage payments that may be payable at the end of their home loan.

The Guam Bankers Association yesterday announced that the Federal Home Loan Mortgage Corp., also known as Freddie Mac, will work with Guam banks to establish a repayment plan that a homeowner can afford, including the possibility of adding the deferred payments to the end of the loan.

Freddie Mac policy already allows for three-month payment deferral programs, but the corporation requires that those deferred payments be added on to the succeeding 12 months, which means higher mortgage payments for the homeowner during the repayment period.

To assist financially strapped homeowners’ post-storm recovery, the Guam bankers' group recently requested that Freddie Mac allow repayment to be added to the end of the loan, essentially extending the loan's maturity.

Freddie Mac's director of credit risk management and Federal Emergency Management Agency liaison, Al LeQuang, discussed the request in a telephone conversation last weekend with Jackie Arriola Marati, president of the bankers association.

"If, after all costs and receipts are tallied and the homeowner cannot manage the standard 12-month repayment schedule, then the bank and Freddie Mac will work on a repayment schedule which the homeowner can afford," according to Marati.

"This will include adding the deferred payments to the end of the loan," she said in an association press release.

But to get long-term payment deferral, homeowners must be prepared for the paperwork requirements.

A homeowner must provide a comprehensive list of all storm-related costs incurred, grant payments received and insurance payments received, according to the bankers' association.

Homeowners who have suffered property damage and loss of income must contact their banks for the payment deferral program's details.

January 9, 2003

Pacific Daily News: www.guampdn.com 

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