January 19, 2021

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Canóvanas will also pay mortgage arrears to residents affected by COVID-19

The mayor of the Municipality of Canóvanas, Lornna J. Soto Villanueva today celebrated that her city council will be the second municipality that will offer payments for mortgage arrears, but in its program it is not limited to the amount of the monthly payment of mortgages and will also include delays of electricity and water.

Read: Bayamón will pay mortgage arrears to residents affected by COVID-19

“Three weeks ago I appointed a rapid action team for this initiative. With the objective of establishing the financial assistance program to cover the mortgage arrears of Canóvanas residents. Our federal funds consultant is the same one from the Municipality of Bayamón that launched the program yesterday. We are also collaborating with other municipalities so that they can achieve it and extend it to the entire country. In our case, we will be including the delays incurred as of March 2020 and may include the delays in electricity and water for people unemployed by COVID-19, ”Soto mentioned in written statements.

Soto Villanueva added other differences of the initiatives.

“I have deployed a team of promoters for this initiative with electronic tablets to go to homes for people with special situations or disabilities. I also detached six compliance officers. In our case, we have not limited the monthly amount of the mortgage payment arrears and this will depend on your family composition, a socioeconomic analysis and mortgage history. It is important that the debts must have been incurred as of March 2020 and the banks are being asked to guarantee that these delays are not reflected in their credit history since the arrears were for just cause. “

Also for next week we will have a virtual orientation campaign through the different platforms together with the Resident Commissioner, Jennifer González.

“This is achieved in the United States Congress, which allocated funds under the Corona Relief Fund (CRF) for assistance to States that the Resident Commissioner has promoted. In Puerto Rico, under the AAFAF, it created the Municipal CRF program and has allocated funds to the Municipalities. “

“For this Friday we will have a virtual meeting with members of the Association of Mortgage Banks and in our cases the Cooperatives that have this financial product will also participate. It is important that they know the requirements. If you have already received some help for some of the aforementioned arrears, you will not be able to request this help ”, indicated Lornna Soto.

It must be evidenced that the homeowner:

You own the property for which you are delinquent on the mortgage

Live the property for which you are requesting the mortgage arrears

The reduction or loss of Income

Copy of the Property Deed of the unit with mortgage arrears

Copy of identification with photos of owners that appear on the deed

Evidence that resides at that address (copy of invoices in the name of the applicant or a member of the family component)

Letter from the Mortgage Institution certifying the months in arrears are after March 1, 2020.

A self-certification / handwritten letter certifying that the late payments were caused:

(1) for a reduction in income due to COVID 19,

(2) you do not have enough income to make mortgage payments and

(3) has not received assistance from another federal program for this purpose

Sign and date the self-certification

Family Income Documents (Over 18 years old)Letter of unemployment or dismissal and Certification of Unemployment

Income letter for Social Security, retirement pension, food, veteran, payroll, etc.

Employment stubs reflecting the reduction in work hours after March 1, 2020 (at least three pay periods)

Employment stub for the two fortnights of January 2020

Interested persons may call 787.256.0000.

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