Banks already have buyers lined up to purchase property in default- Hon Christopher
"Several persons have been raising their concerns and sometimes we tend to overlook things. I am made to understand reliably several banks are entertaining a list of persons who are looking for the properties of those persons who can't come forward soon enough," explained Honourable Christopher.
She recalled during the meeting that persons have expressed that the insurance companies are taking a long time to pay out claims, while noting that persons have been "tipped off" that there is a buyer already available to purchase their property.
"I don't think we should encourage that in the Virgin Islands (VI). I know the banks want their money but they were there when the hurricanes passed and the insurance companies, who have been collecting peoples money all for years without a claim, all of a sudden they have every excuse why they can't make a payment," expressed the Fifth District Representative.
Possibility of a banking tribunal
In response to Hon Christopher, Premier Smith stated that he is not aware of that particular situation but acknowledged that it is something that can happen and he will look into that situation.
He said, "I haven't heard about it but I know that it is a possibility and it is something that we should take seriously," adding that he is thinking about having a banking tribunal to look into matters such as the one mentioned.
VI lands should be protected from outsiders
It was Hon Christopher, an indigenous Virgin Islander, who spoke out against expatriates purchasing all the land in the Virgin Islands (VI).
Her cry came to light following a statement made by the Premier announcing during a sitting of the House of Assembly (HoA) in December 2017 that his government is planning to amend the territory's residency and belongership policies.
Meanwhile, the Fifth District public consultation meeting had a poor turn out of community support. There were at least five persons from the community present at the meeting.
The next public consultation meeting will be held at Cane Garden Bay Baptist Church starting at 5:00 P.M. today, February 6, 2018.
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22 Responses to “Banks already have buyers lined up to purchase property in default- Hon Christopher”
They are also encouraged to get involved, listen and get informed and speak up-- or they get decisions they
don't like and then they complain. Be a part of the solution not part of the problem!
Go to as many public meetings as possible to hear other districts and people. That is what activism is all about.
GET INVOLVED!
There is banking section at Financial services that used to be headed by Ken Baker.Can they not look into such things ?
You know you read all the time about the racist driven conspiracies to destroy black communities through heartless and unfair policies but you didn't thought that it would be here at least so blatantly. Not to say however that whites in this country including those who are locals are not affected. Where is the leader of opposition and his member why are they not pounding these issues. I wander how these politicians that we elect sleep at night knowing they these things are happening.
They are the law makers they have the power to change. And I guess it is no coincident either that the insurance company with the best name out their that is settling somewhat with people is locally own
Nonetheless, if they are colluding with certain investors by failing to work reasonably with mortgagors who are going through a hard time after the storms so that investors/friends can gobble up their properties for little or nothing, this is sick and unprofessional. The banks should be penalized and run out of town on a boat with neither engine nor oars. If it is a local bank, they should turn loose out to sea the same way. Government is so inept that nothing will happen on this scandalous allegation. Then again who knows who these oportunists are. Pull back the certain. What De Dogg Himself say about opportunists, ie, dey in every damn ting.
Moreover, some of us build not what we can afford or need but rather a conversation piece for a discussion or to be the talk of the town. What rule says that the last person that builds has the biggest house. Pure nonsense. The talkers are not going to help you pay the mortgage. In fact, they will gossip about you losing your house. Seriously, too many of us over build and a slight set back in a small economy and we are up the creek with no paddle.
The BVI is in a catch 22 situation. There is a shortage of housing due to large labour import and everyone with a square inch of land wants to build on every square inch to rent out. It is called putting money in the ground, not in the bank.
The problem is once the 2X4 territory is built out and people move on to the next destination what happens to the excess of multifamily units. They will be available dirt cheap. Make no mistake the BVI will build out quickly like its westerly neighbor——USVI. Anyone remember when St. Thomas was boom town. Nonetheless, the bubble burst rather quickly and St. Thomas is struggling. Let’s learn from their experience.
The land and land improvements in most instances are property owners primary and biggest asset. It’s in the national and community interest that these assets are protected and kept in local hands.
Banks need to work cooperatively, collaboratively, reasonably and in good faith with property owners who are having difficulties paying their mortgages, helping them to avoid foreclosures. How can government assist home owners in retaining property ownership?
True, government has financial challenges of its own but it should do what it can to help property owners retain their homes, resources permitting. It can offer grants, provide low interest/no interest loans, guarantee loans, bring some heat on insurance companies to settle claims.........etc.
Further, it can and should create a land bank and acquire stranded and distressed properties, keeping them from bank foreclosure. It can maintain the properties and return them to responsible and capable property owners. Moreover, government can as needed place a lien on acquired properties. Protecting home ownership should be part of the currently circulating 5-year recovery plan.