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Foreclosing a last resort for Scotia


Foreclosing a last resort for Scotia

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SEVERAL BARBADIANS have lost their homes after defaulting on their mortgages in the last seven years.

Though individual banks have been reluctant to reveal how many homes they have foreclosed on, the For Sale signs dotting the landscape tell the story.

David Noel, Scotiabank’s Caribbean East managing director, confirmed that his bank had sold out some homes as well. Like the other bankers, he also declined to say just how many.

Speaking about customers being behind on mortgage payments, Noel said: “We have sold very few of those homes, and of those sold in the past year, the majority [were] done with the customers’ consent.”

Please read the full story in today’s Sunday Sun, or in the eNATION edition.