Aside from Pag-IBIG Fund, another government housing agency is extending a loan moratorium for private homeowners displaced by Typhoon “Sendong.”
Vice President and Housing and Urban Development Coordinating Council (HUDCC) Chair Jejomar C. Binay said that the National Home Mortgage Finance Corporation (NHMFC) will be implementing a six month moratorium on the monthly amortization of homeowners in Cagayan de Oro and Iligan City in Northern Mindanao.
The moratorium covers housing loan accounts under the now-defunct Unified Home Lending Program (UHLP) of the NHMFC. UHLP accounts are those funded by the Government Service Insurance System (SSS), Social Security System (SSS) and the Home Development Mutual Fund (Pag-IBIG Fund).
According to reports from the NHMFC’s satellite office, fourteen (14) subdivisions or roughly 2,305 accounts were severely affected by the typhoon.
In Cagayan de Oro City, the affected subdivisions include Emily Home Subdivision, NHA Lourdeville Subdivision, Gold City Subdivision, Villa Nena Subdivision, Villa Angela Subdivision, Villa Candida Subdivision, Scions Executive Village, Villa Mar Subdivision, Virginia Homes, Virginia Village, PN Roa Subdivision, Vamenta State Subdivision and Gokingville Subdivision. In Iligan City, Bahayan 2-5 was severely affected by the typhoon.
The NHMFC is a Secondary Mortgage Institution (SMI) that securitizes residential home mortgages. The NHMFC purchases housing loans receivables and the loans are turned into an asset pool for the eventual issuance of securities or bonds for sale in the capital market.
The loan receivables are sourced from developers, banking institutions, local government units (LGUs) and employers.
Binay approved a resolution granting to NHMFC President Felixberto U. Bustos, Jr. continuing authority to grant a moratorium on the monthly amortization of accounts affected by natural calamities, subject to confirmation by the Board of Directors.
“This will allow NHMFC Management to immediately act on similar situations,” Binay said.
Pag-IBIG had earlier declared a three month-moratorium on housing loan payments for its member-borrowers who were affected by the destruction caused by tropical storm “Sendong.” The Vice President is chair of the Pag-IBIG Board of Trustees.
The NHMFC moratorium for “Sendong” victims will run from January to June 2012. Affected borrowers should file their application for moratorium not later than February 29, 2012. The application should also be supported by a certification issued by the Barangay Chairman of the affected area.
Affected families and/or borrowers in the region are advised to coordinate with the NHMFC Cagayan de Oro Satellite Office or may call telephone nos. (083) 857-3951 and 8574255 for more particulars.