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NMHC sees huge drop in delinquencies
The number of those with delinquencies at the Northern Marianas Housing Corp. significantly dropped.
A January 2016 report states that 94 of 228 active loans under NMHC programs such as the HOME Investment Partnership Program, Neighborhood Stabilization Program, and Direct Family Home Loans were 120 days past due. These amount to $2.9 million in total balance due.
By January 2017, the number of past due accounts was down to 59, with an all-time low balance of $496,068. This is a decrease of 37 percent from the previous year’s.
The total of seriously delinquent accounts also decreased significantly, from an estimated $2.9 million to a new low of $1.6 million from January 2016 to January 2017.
“All the loan delinquency indicators show improvements. This is a clear sign that NMHC is progressing in its collection efforts, as well as in furthering its outreach process by identifying loan accounts that are in danger of being accelerated for foreclosure,” said Mortgage and Credit division manager Chris Pangelinan.
The agency has been contacting seriously delinquent borrowers to plan and implement a workable solution in order to help them get back on track toward keeping their loan account current, he added.
Pangelinan said, however, that efforts can only go so far. In order to fully utilize any financial hardship assistance that is available to NMHC borrowers, the agency stresses the importance of having the cooperation and commitment of account holders.
“One of my duties as NMHC’s mortgage manager is not only to provide loans, but also to monitor and maintain the agency’s existing loan portfolio,” said Pangelinian. “This means that I may have to initiate foreclosure if absolutely necessary, especially when all the due process have been fully exhausted and provided to our borrowers,” he said.
Pangelinan encourages NMHC borrowers to take the initiative to contact the agency, to have a look at the borrower’s current financial situation and, from there, come up with a workable solution that is mutual and beneficial.
