December is usually the month for giving and for the Government of Belize that seems to be the path they have taken. When we left you last night we told you about the criteria’s that must be met to qualify for GOB’s Residential Mortgage Payment Program.
Today Government clarified those criteria’s. In order for Belizeans to qualify for the reimbursement of their December 2014 interest and principal payments on all residential mortgages with an original value of up to BZE$ 100,000, the must be borrowers from the National Bank, Commercial Banks, Credit Unions, the Development Finance Corporation and the Belize Social Security Board.
Also you must have a residential mortgage of original value of no more than BZ$100,000, must be residential mortgages for new home construction as Mortgages for home improvement will not qualify, Mortgages taken out solely for the purpose of refinancing prior mortgages for the construction of new residences will also qualify for the program and must be legally registered mortgages and not merely the deposit of title deeds
called “Equitable Mortgages.”
The release sates that while payments will be made directly to the qualified borrower, the Government reiterates that it remains the sole responsibility of such borrowers to meet their mortgage payment obligation.
Application forms for the program are available at the Treasury Department in Belize or at any District Sub-Treasury office and can also be downloaded from the Ministry of Finance website at www.mof.gov.bz. Forms will require information on borrowers, their mortgages and information to be supplied by the respective lending institutions. The release ends stating that completed forms should be submitted to any District Sub-Treasury or the Treasury Department in Belize City as soon as possible but no later than December 31st, 2014.