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
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 processto 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.