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We reserve the right to withdraw the offer of sale of a property to a successful bidder if:- the defaulting mortgagor makes acceptable arrangements to settle the outstanding payments on his/her account, before the successful bidder pays the required deposit; the successful bidder fails to provide required documents within the established time-lines, or the information and contents provided in the documents presented do not meet established standards. the successful bidder is unable to satisfy payment of all costs to complete the sale; N.B. We will allow any bidder to re-bid on the same, as well as any other property, if the property is subsequently re-listed for sale by Private Treaty.
Under the Credit Reporting Act of 2010, a credit bureau can collect the following types of information on consumers: Information about the consumers’ financial means The amount and type of loans and advances or other credit facilities granted to a consumer The type of security taken from any consumer in respect of credit facilities (including lease financing and/or hire purchase) The nature of any guarantee or other non-fund based facility accessed by a consumer History of financial transactions involving the borrower Analysis of the above information to arrive at conclusions about the consumer’s credit worthiness. This may be in the form of numerical or alphabetical scores.
A credit bureau is an agency that collects information on a borrower’s credit history, and provides that information, for a fee, to the borrower and/or prospective lenders. Information acquired from a credit bureau allows a lender to better assess the credit worthiness of a borrower. The Credit Reporting Act 2010 provides for the licencing and operations of credit bureaus in Jamaica.
As of August 2017, the National Housing Trust will request credit reports from certain licensed bureaus. Shortly thereafter, the NHT will also begin to share mortgagors’ loan information with those credit bureaus.
The NHT may offer a successful applicant, with or without a co-applicant, a short-term Lease, not exceeding three (3) years. The Lessee has the option to purchase the Unit at its original selling price, at anytime during the Lease period. If you would like to know how the NHT can help you in owning one of these units, then contact us
This facility is available to a contributor, whose income cannot afford the full purchase price of a scheme unit. Under this arrangement, the NHT will defer payment of up to 40% of the cost of the unit.
Yes, the NHT is authorised to share this information under Section 8 (2) (k) of the Credit Reporting Act, 2010 (“The Act”).
The NHT will use the reports it receives to : (a) assist in designing programmes to manage and service mortgagors accounts (b) assist in verifying information submitted by individuals applying for mortgages in excess of $5.5 million, in NHT schemes.
No. The report will be used as in (a) above. Additionally it will be used to determine a contributor’s ability to afford a loan in excess of $6.5 million. Loans in excess of $6.5 million are only provided in NHT schemes where the solution is priced for more than the individual loan limit.
Private Treaty Sale is one of the methods used by financial institutions such as the NHT, to legally recover outstanding mortgage loans in default, and which are secured by properties such as residential homes.
Whenever credit information has been amended a copy of the amended report is sent by the credit bureau to every person to whom the credit bureau disclosed the inaccurate or incomplete information. The consumer is also notified when the necessary changes have been made.
Once a complaint is made to a credit bureau, the Bureau should take steps such as to confirm, correct or complete the information no later than fourteen days after the complaint has been made.
