Interest in Guam Housing Corporation’s mortgage relief program has been through the roof since applications for it opened last week.
Since last Thursday, more than 300 physical applications for Guam Housing Corporation’s mortgage relief program were picked up from its office. And that doesn’t even include the number of forms downloaded online.
Phones have been ringing off the hook with inquiries as well.
This from a program that was expected to help about 200 households.
The mortgage relief program was created to help people catch up on mortgage payments that they’ve fallen behind on due to the pandemic.
The program is federally funded and Guam Housing Corporation received the funds through GHURA.
So far, 37 applications were submitted and six were identified as complete.
Those six have been submitted to loan officers to determine eligibility.
The goal is for applicants to receive their funds in three to five business days..from the time they’re deemed eligible.
Being a new program, there are still some misconceptions about it.
GHC president Alice Taijeron says it’s important for the public to understand that the program is for delinquent loan payments only and the payments must be delinquent due to the pandemic.
“The delinquency had to have occurred as a result of covid impacting an individual’s income. Current income. Not pre-covid income. This is not a relief program for advancement. I get it. I’d love to be able to advance my mortgage so that I wouldn’t have to worry about it in the event something happens. I get it. But at this point in time, it’s not. This is for delinquent mortgage loan payments that came as a result of an individual’s financial situation being impacted by COVID-19,” Taijeron said.
With so much interest in the program, Taijeron says they are working with GHURA to collect data in hopes of receiving a second round of funding.
“The greater the interest, GHURA may very well likely say ‘Ok, there’s a lot of interest, there’s a need for this. Let’s see what we can do to get more funding in and continue the program. And I have to say GHURA did an excellent job working with their federal partners and then working with us, in that Guam’s mortgage relief program pays for three months. Up to three months of delinquent payments. As opposed to some of the programs nationwide, which is only one month or up to a thousand dollars, I believe,” Taijeron said.