Department of Hawaiian Home Lands mortgage postponement extended
The Maui News
The Hawaiian Homes Commission approved extending the mortgage loan payment postponement for all Department of Hawaiian Home Lands direct loans and loans assigned to the department for an additional three-month period, effective with the October payment.
Commissioners approved the extension at the regularly scheduled meeting earlier this week.
On March 24, the commission approved the initial postponement of mortgage loan payments for DHHL direct loans and loans assigned to the department for six months, effective with the April payment. Under the initial approval, lessees with DHHL loans had the option on a case-by-case basis to extend the postponement for an additional six months.
DHHL Fiscal Division analysis showed that with the period ending Aug. 31, about 85 percent (135 out of 158) of the loans reassigned by the U.S. Department of Housing and Urban Development/Federal Housing Administration postponed one or more payments since April. Forty-eight percent of DHHL direct loan borrowers (465 out of 961) postponed their payments.
“As we navigate through these unprecedented times, we know many of our lessees are facing the unforeseeable financial consequences of COVID-19,” said commission Chairman William J. Aila Jr. “The extension of the emergency mortgage payment postponement is one way the department is trying to provide relief to our beneficiary community.”
The deferment is an auto-enrolled postponement. If a borrower decides to continue making payments during the deferral period, DHHL will process the payment as in the normal course of business. As with the initial deferment, interest will continue to accrue during the postponement period, but no late fees will be added.
The billing of payments will resume in January.
For information about DHHL loan deferrals, call (808) 620-9500. Those who have a loan with an outside lender and are facing financial hardship due to COVID-19 are encouraged to contact the provider as soon as possible.