Will Hawaii Volcano Victims Receive Mortgage Relief?

Will Hawaii Volcano Victims Receive Mortgage Relief?

Will Hawaii Volcano Victims Receive Mortgage Relief?: We have all seen programs on television about volcano eruption and how it affects the lives of those living in the same area, but we can never imagine the horror of going through it ourselves.

People of Hawaii are living that horror right now as Kilauea volcano has erupted, sending volcanic ash all around, destroying everything in its way and prompting evacuation.This requires finances and the good news is that Hawaii volcano victims can get relief on mortgage payments.

Will Hawaii Volcano Victims Receive Mortgage Relief?
Will Hawaii Volcano Victims Receive Mortgage Relief?

 Homeowners are Getting a Break

In the face of this disaster, homeowners are now getting a break from their lenders. It is not the time to be thinking about making payments when your property and possibly your life may be at risk. Showing solidarity and cooperation with the people, Bank of Hawaii has offered a grace period to people who are facing foreclosures and are unable to make their due payments as a result of this natural disaster.

However, keep in mind that this is a short-term solution for a temporary situation. If it turns out to be of a longer duration, the banks will offer solutions in the form of long-term relief program such as a loan modification program which will lower the borrower’s payment amount on a permanent basis.

Cash Accessibility for the Affected and Qualified Borrowers

Bank of Hawaii is making cash accessibility convenient for its qualified borrowers through special loan programs. These funds can be used for emergency supplies, living essentials, home and vehicular repairs or replacement. These loans are offered at low interest rates and have reduced payments with longer loan terms.

Will Hawaii Volcano Victims Receive Mortgage Relief?
Will Hawaii Volcano Victims Receive Mortgage Relief?

Contact Your Lender and Insurance Agent

Hawaii volcano victims can get relief on mortgage payments. Damage to your property as a result of the flowing lava automatically qualifies you to file for an insurance claim. Keep your lender in the loop as you file your insurance claim. Your lender should be offering you forbearance or other help. If he/ she is not, then you can research whether you qualify for, or not and accordingly take action and get help.

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