DHHL postpones loan payments until March 31
The Maui News
The state Department of Hawaiian Home Lands has again postponed mortgage loan payments until March 31, according to an announcement on Monday.
The deferral applies to all DHHL direct loans and loans assigned to the department. As of Nov. 19, DHHL Fiscal Division analysis showed that about 84.8 percent (134 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 the initial DHHL offered deferral in March. Along with that, 55.6 percent of DHHL direct loan borrowers (538 out of 967) postponed one or more of their payments.
“The department remains cognizant of the financial impacts COVID-19 has placed on our community,” Hawaiian Homes Commission Chairman William Aila Jr. said in a news release. “As we look ahead to a hopefully brighter 2021, it is the hope that this additional deferral extension will provide reprieve for our ‘ohanas that are struggling due to the financial restraints and uncertainties that have been brought upon them as a result of the pandemic.”
The commission approved a six-month postponement for loan payments in March and another three-month extension in September.
The deferment is an autoenrolled 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 and subsequent deferment, interest will continue to accrue during the postponement period; however, no late fees will be added.
All DHHL borrowers received notice of the extension on their January 2021 mortgage loan statement.
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 should contact their provider as soon as possible.