Lieutenant Governor Osbert E. Potter Urges Scotiabank Balloon Mortgage Customers to Contact the Bank

 

For Immediate Release No. 45-15
July 23, 2015
For More Information Contact:

Regina Watson, Public Relations Officer

Ph:  (340) 774-2991 ext. 4122

Fax: (340) 774-6953
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Lieutenant Governor Osbert E. Potter Urges Scotiabank Balloon Mortgage Customers to Contact the Bank Immediately to Begin the Loan Modification Process

 

The Honorable Osbert E. Potter, Lieutenant Governor and Chairman of the Virgin Islands Banking Board, strongly urges all Scotiabank balloon mortgage customers with expired loans and who have not taken any action, to please contact the bank immediately.  According to Lieutenant Governor Potter, “We know that there are balloon mortgage customers out there who have received notices from the bank advising them that their balloon mortgage has matured, but these individuals have not contacted the bank to begin the loan modification process.  We want you to contact Scotiabank before the deadline of September 30, 2015.  Contact the Division of Banking and Insurance if you need assistance.”

 

A balloon mortgage is a mortgage that matures every five years and is subject to modification or can be changed to another mortgage product, such as a fixed rate mortgage.  To benefit Scotiabank customers, the bank has also extended the preapproval mortgage loan process to September 30, 2015.

 

Balloon mortgage customers should call Scotiabank at (340) 774-2646 or visit Scotiabank to apply for a mortgage loan modification.

For further assistance, please contact the Division of Banking and Insurance at the Office of the Lieutenant Governor on St. Croix at (340) 773-6459 or on St. Thomas/St. John at (340) 774-7166.

 

 

 

 

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