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June 12, 2009 – In a statement issued today, Senator Nellie Rivera-O’Reilly reminded Virgin Islanders about President Obama’s Homeowner Stability Initiative, a plan to assist homeowner’s experiencing difficulty in paying their mortgages.
“A number of constituents in default on their mortgages held by private lending institutions in the mainland have expressed fear about losing their home,” stated Senator O’Reilly. “Some of these individuals were unaware they could take advantage of President Obama’s bailout plan. It was designed to help mortgagees who are in default because of high interest rates or income loss, or the inability to refinance because of deflated home values.” The loan modification component has several requirements of homeowners, including being in default on a primary single-family residence and having payments over 31% of gross income. The loan refinancing component requires the loan to be current, owned or guaranteed by Freddie Mac or Fannie Mae, and not be more than 105% of the estimated value.
According to O’Reilly, “Communication with creditors is critical when faced with financial emergencies. Individuals must open and respond to all notices from creditors, document all communication and be relentless in seeking aid. I encourage anyone who is having difficulty with mortgage payments to call their lender today to get the help they need.”
Nellie Rivera-O'Reilly, the only female currently serving, is a first-time Senator in the 28th Legislature, and is a member of the Financial Services; Infrastructure & Consumer Affairs, Education; Youth & Culture; Labor & Agriculture; and Economic Development, Energy & Technology Committees. For more information, contact Liz Llanos at 340-712-2222 or Nellie at 340-690-8863.
