Representative for the Fifth Electoral District, Delores Christopher has said banks are secretly compiling a list of potential buyers to purchase homes belonging to property owners who are behind on mortgage payments.
She said she received word about the banks’ intentions from persons she described as ‘reliable sources’.
While speaking yesterday at a poorly-attended public meeting on the proposed recovery plan for the BVI, Christopher called on the government to intervene.
“The banks are ready and the buyers are lined up… Some of it is being done without notifying the property owners. We should look into that problem. I don’t think we should encourage that in the Virgin Islands,” Christopher said.
The district representative said while she understands that these financial institutions need to recoup the funds they lend, she does not support their alleged actions.
She said the issue is compounded because some insurance companies continue to drag their feet on making payouts so homeowners have resorted to fixing their properties out of pocket.
Bank tribunal suggested
In response, Premier Dr D Orlando Smith said he was not aware of the issue. However, he said it was something government ‘should take seriously’.
“There is now a suggestion that there should be a banking tribunal to look at that issue as well,” the Premier added.
The Premier Smith-led government recently implemented an insurance tribunal, which is said to have resolved a number of the insurance-related issues affecting residents.
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