A safety net if you can no longer pay your mortgage
Sometimes you can no longer manage to pay your mortgage because of major occurrences such as the end of a relationship, the death of your partner or if you become unfit for work or find yourself unemployed.
If you then have to sell your home, there may be a residual debt. Then the proceeds from your home will be lower than the outstanding mortgage. If you have a mortgage with Mortgage Guarantee Bonaire, this residual debt can be cancelled in full. Then you can carry on without unpleasant financial consequences. Under Criteria for cancellation you can read what criteria you must meet for cancellation.
What does Mortgage Guarantee Bonaire charge?
For Mortgage Guarantee Bonaire you pay a one-off mortgage guarantee fee of 0.7% of the total loan.
Am I eligible for a mortgage with Mortgage Guarantee Bonaire?
You can take out a mortgage with Mortgage Guarantee Bonaire if you meet a number of criteria, including:
- You have a fixed contract (income from permanent employment) and that is evident from the employer’s declaration;
- The mortgage that you take out is for the purchase of an existing home or a new one that is to be built;
- The purchase price of the home and the total loan are not more than $225,000.
How can I apply for a mortgage?
You can apply for a mortgage with Mortgage Guarantee Bonaire through Maduro & Curiel’s Bank Bonaire (MCB).
MCB decides whether you qualify for a mortgage loan. Stichting Waarborgfonds Eigen Woningen (Homeownership Guarantee Fund) then decides whether your application for Mortgage Guarantee Bonaire is accepted in respect of the mortgage loan concluded with MCB.
Mortgage Guarantee Bonaire is a guarantee
Mortgage Guarantee Bonaire is a ‘guarantee’ within the meaning of Article 7:850 of the BES Civil Code (BW BES) provided by the Stichting Waarborgfonds Eigen Woningen to your lender.
If you have a loan with Mortgage Guarantee Bonaire and your home has to be sold with a residual debt, your lender may ask the Stichting Waarborgfonds Eigen Woningen for payment of the residual debt. Will the Stichting Waarborgfonds Eigen Woningen pay the residual debt to your lender? If so, the Stichting Waarborgfonds Eigen Woningen will be entitled to demand the residual debt from you in accordance with Article 7:866 BW BES. This means that you have to pay back the residual debt to the Stichting Waarborgfonds Eigen Woningen. What if you don’t? Then the Stichting Waarborgfonds Eigen Woningen can take measures to recover the residual debt from you.
The Stichting Waarborgfonds Eigen Woningen has decided to waive recovery subject to certain criteria. Then you do not have to pay back the residual debt. Under Criteria for cancellation you can read how the Stichting Waarborgfonds Eigen Woningen assesses whether you qualify for cancellation and what criteria you must meet. Your lender includes the criteria for the rules relating to cancellation in the mortgage deed.
Doesn’t the Stichting Waarborgfonds Eigen Woningen pay the residual debt or part of it to the lender? And, in the Stichting Waarborgfonds Eigen Woningen's view, do you meet the criteria of the cancellation rules? If so, the lender may not recover the debt from you.
Criteria for cancellation
If you sell your home at a loss, you have a residual debt. If you have a mortgage with Mortgage Guarantee Bonaire, subject to certain criteria your residual debt may be cancelled. So before you put your home up for sale it is important for you to make sure that you meet all the specified criteria for this!
Assessment regarding cancellation
There are two criteria for eligibility for cancellation. You must meet both criteria:
- That you have acted in good faith with regard to your inability to pay the loan. In general (barring some exceptions) you meet this criterion if you can no longer pay the loan or cannot do so in full as a result of: end of a relationship, death of your partner, unemployment through no fault of your own and/or incapacity to work and you have sold your home because of this.
- That you have fully cooperated in trying to pay as much of the loan as possible and in obtaining the greatest possible proceeds from your home. In general, this is the case if:
- your home was sold on to a private buyer;
- there is no damage or overdue maintenance that would have a negative impact on the value of your home;
- you have given your full cooperation in order to avoid or limit the loss.
You can read these criteria in your mortgage deed. So both criteria for cancellation are included in the criteria of good faith and full cooperation.
The Stichting Waarborgfonds Eigen Woningen assesses retrospectively – after your bank has asked us to pay the residual debt – whether you have fulfilled both criteria to qualify for cancellation.
Criteria set out
You have taken out a mortgage with Mortgage Guarantee Bonaire
Always check this properly before you put your home up for sale.
Your personal situation has charged because of 1 or more of these circumstances:
- You have stopped living together because of the breakup of your relationship (and the mortgage was granted to you and your former partner)
- You have become unemployed through no fault of your own
- You have become unfit for work
- Your partner has died (and the mortgage was granted to you and your partner)
You can no longer pay your mortgage because of the change in your personal situation.
The change in your personal circumstances impacts your financial situation and means that you can no longer meet your mortgage obligations. You must contact your bank. Your back can then assess whether you can still meet your mortgage obligations. It is important to arrange for this check to be carried out as soon as possible - in any event before you put your home up for sale - so that you know in good time where you stand.
You yourself are responsible at all times for the submission of correct and full data for the performance of the assessment.
You have done all you can to limit the residual debt as far as possible.
- You fulfil all your payment obligations and other duties under the mortgage loan up to the time of sale and thereby avoid arrears with payments. You also continue to pay other charges such as instalments and premiums so as to keep the residual debt as small as possible.
- You have no more income or assets with which the loss could have been avoided or limited.
You have maintained your home in good condition.
This means that your home has been fully maintained and that no damage has been done to your home which would be assessed in a valuation as reducing its value.
You have tried to sell your home at the highest possible price.
This means that you have sold your home to a private buyer via an estate agent. And you have tried to sell your home at the highest possible price. Make sure that you first submit any offer from a potential buyer to the bank before accepting it.
In the event of fraud or misuse of Mortgage Guarantee Bonaire in whatever manner, we reserve the right to take measures appropriate to the specific situation. Example: If the decision has been taken to grant cancellation, we would then reverse the decision and demand repayment of the residual debt. We will of course observe the applicable legislation and regulations including with regard to privacy.
Examples of cancellation situations
On this page you will find a number of examples of situations where you will or will not be granted cancellation. Attention: These examples do not cover all possible situations and/or exceptions. The assessment is always made on the basis of the actual situation in your specific case. This might mean that although you fulfil the criteria, because of special circumstances there will be no cancellation.
Change to your personal situation
- During the period of the loan you lose your job on account of commercial reasons. You have then done all you canto find a new job but have not succeeded. Because you now have reduced income, you (possibly together with your partner) can no longer pay your mortgage and your home has to be sold. In that event, you may be considered for cancellation if you also fulfil the other criteria.
- You had a job but you became unfit for work. As a result, you have no or reduced income. Because you now have reduced income, you (possibly together with your partner) can no longer pay your mortgage and your home has to be sold. In that event, you may be considered for cancellation if you also fulfil the other criteria.
- You have a home but this home no longer suits your individual requirements. For instance because you want to move to a bigger place or move to another part of the Dutch Caribbean. If you then sell your home and this leads to residual debt, you will not be granted cancellation.
- You have a home but you can no longer pay the mortgage because you have voluntarily taken on too many other financial obligations. Here we might think of revolving credit to finance a television or car. If you then sell your home and this leads to residual debt, you will not be granted cancellation.
- You had a job but you were summarily dismissed by your employer. For example because you were instantly dismissed. Then this is an instance of dismissal through your own fault. If you then have to sell your home because you can no longer pay the mortgage and this gives rise to a residual debt, you will not be granted cancellation for this residual debt.
Check on income
- Your relationship has ended and you want to sell your home and you have not voluntarily taken on additional financial obligations. You have had a check performed on your income to determine whether you or your ex-partner can pay the mortgage. On the basis of this check, your lender determines that neither of you can pay the mortgage on your own. You will then be eligible for cancellation if you also fulfil the other criteria.
- Your relationship has ended and you want to sell your home. You have had a check performed on your income to determine whether you or your ex-partner can pay the mortgage. On the basis of this check, your lender determines that one of you can pay the mortgage. If you nevertheless decide to sell your home because you no longer wish to live in that home and a residual debt arises, you will not be granted cancellation of this residual debt. Although your personal situation has changed, there is in fact no financial necessity for the sale.
- Your relationship has ended. Your ex-partner has already gone to live somewhere else. You have not arranged for a check on your income. You sell your home and a residual debt arises. From the check that is then performed within the assessment, it turns out that your ex-partner can in fact pay the mortgage. The residual debt will therefore not be cancelled. Although your personal situation has changed, there is no financial necessity for the sale.
Limitation on residual debt, maintenance and estate agent
- You have become unemployed through no fault of your own and you have to sell your home because you can no longer pay your mortgage. You put your home up for sale with an estate agent and you discuss with the estate agent how your home can be sold for the best possible price. You make sure that your home is ready to sell. Your home looks clean and tidy. Your home is being sold to a private buyer (via the estate agent). You will then be eligible for cancellation if you also fulfil the other criteria.
- You have become unemployed through no fault of your own and you have to sell your home because you can no longer pay your mortgage. However, you have started renovation on your home but not finished it. Your home is therefore of lower value than if the renovation would have been completed. The residual debt is therefore higher. You are not eligible for cancellation of the residual debt because you have not done everything to limit the loss.
- You have become unemployed through no fault of your own and you have to sell your home because you can no longer pay your mortgage. You are no longer paying your mortgage and you take no action to sell your home either. In the end, your lender sells your home as a result of which it yields less than in case of, for instance, a regular sale. The residual debt is therefore higher. You are not eligible for cancellation of the residual debt because you have not done everything to limit the loss.
Limitation of residual debt, paying mortgage instalments
- Your relationship has ended and you want to sell your home. You have had a check performed on your income to determine whether you or your ex-partner can pay the mortgage. Your mortgage lender determines that neither of you can pay the mortgage on your own. Together, you can pay the mortgage interest and capital instalments. You are however not or no longer paying part or all of your mortgage instalments because you are of the opinion that your ex-partner has to pay the mortgage instalments. The residual debt is therefore higher. You are not eligible for cancellation of this residual debt.
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V1.0 – October 2020
Stichting Waarborgfonds Eigen Woningen privacy declaration
relating to Mortgage Guarantee Bonaire (HGB)
HGB is a Stichting Waarborgfonds Eigen Woningen (WEW) product. WEW processes personal data. We wish to inform you about this in a clear and transparent manner. In this privacy declaration you can read what data of yours WEW processes and why.
WEW respects your privacy and makes every effort to protect the personal data that are processed. We process personal data securely and carefully and in accordance with relevant legislation and regulations.
All WEW’s processing is derived from WEW’s aims for the Caribbean Netherlands and these aims are as follows:
- WEW wishes to contribute to the interests of the State of the Netherlands in order to ensure a constantly favourable climate for home ownership, including in the Caribbean Netherlands, by offering consumers access to finance for their own homes at as low a price as possible;
- This contribution is in line with WEW’s own aims which include encouraging ownership by natural persons of homes situated in the Netherlands and therefore also in the Caribbean Netherlands – for the time being only Bonaire - for them to live in themselves;
- WEW intends to establish the effectiveness and efficiency of the mortgage guarantee scheme developed by WEW on Bonaire.
WEW has no commercial interests and processes your data only and exclusively to fulfil these aims.
This Bonaire privacy declaration may be amended if new developments make this necessary. You will always find the most up-to-date privacy declaration on www.hypotheekgarantiebonaire.nl.
A number of terms are used in this declaration and we explain them below.
- Personal data: Data that say something about you directly or indirectly. For example, your name and address or even your income.
- Special categories of personal data: These are extra-sensitive data such as data concerning ethnic origin, political views, religious conviction, health and criminal records.
- Processing: Everything that can be done with personal data. For example, gathering, storing, using and deleting your data from our records.
This privacy declaration applies to all personal data that WEW gathers and processes concerning (potential) customers and users of its website and other services.
WEW is the controller of the processing of personal data that fall within the area of application of this privacy declaration. WEW has an office at Utrecht, Stadsplateau 13, 3521 AZ.
To be able to process personal data, an organisation must have a legal basis for doing so. The legal bases for WEW’s processing are described below.
We process the personal data of our (potential) customers because we have a justified interest in doing so. By recording the data we can for instance operate WEW’s administration, collect commission, manage fund assets, mitigate risks and be held accountable for this. You also have an interest in this, of course, because, should the need arise, you can submit a claim for a cancellation assessment or receive other assistance from WEW if that is possible.
In order for us to take a decision about cancellation, it may be that data relating to health are relevant. This is a special category of personal data that we may not process unless you have given us your express consent to this by using the consent form and then only if they are important and only for the above-mentioned specific purposes.
Personal data relating to criminal convictions and criminal offences or security measures associated with these are also a special category of personal data. We may not process these unless this is necessary to protect our interests and criminal offences against WEW have been or are being perpetrated or for the assessment of a request from a data subject for a decision to be taken about him or to provide a service for him. In addition, we may process such data with your express consent.
We only process such data if they are relevant and only for the above-mentioned specific purposes. In this connection, we process these data to combat fraud and to monitor integrity within the financial sector, in the interests of our customers, our employees, our organisation and other financial institutions external to our organisation.
If you send us personal data without us asking for them, for example to ask us something, then we may process these personal data because by sending them to us you give us consent to use these personal data to answer your question. Exceptions to this include criminal records and data about health as described above.
Purposes of processing
All WEW’s purposes of processing relate to its statutory objects. In this section, the purposes are explained in more detail by processing activity.
When you apply for a mortgage, you may also be applying for an HGB. Your lender sends your mortgage file on to us so that we can check whether you are eligible for a mortgage with HGB. We then process data about your income, any financial obligations such as repayment of a student loan or personal loan, your age, your family composition if relevant and the level and structure of the loan that you would like to take out.
In connection with responsible lending by HGB, your lender also sends us data that have been compiled about you by the Caribbean Credit Bureau. These data may only be sent to us if you give your consent to this. If at the time of the mortgage application with HGB you reside in the European Netherlands, a BKR (Dutch Credit Registration Office) check is also performed.
2. Mortgage with HGB
If you take out a mortgage with HGB and WEW accepts your application for HGB, once the mortgage has been executed by a notary, personal data will be passed on to us. These are the same data categories as for processing purpose 1 (checks). We process these data in order to register your guarantee.
3. (Impending) payment problems and home retention
It may occur that the mortgage becomes difficult to pay at a particular time or threatens to become so. The end of a relationship, incapacity to work and unemployment are circumstances that may impact your financial situation. In such situations, WEW can, together with your lender, help you for instance to catch up with your arrears and make the mortgage payments manageable again so that you can retain your home and avoid selling your home at a loss. For this purpose, where relevant, we process data about your arrears, your employment situation or possibly a relationship (that has ended).
Here it may occur that WEW processes special categories of personal data, for instance about your health or perhaps a criminal record. These data are only processed for the purpose of determining whether there are options for assisting with the payment problems and you thereby retaining your home.
4. Selling your home
If you sell your home at a loss, you have a residual debt. If you have a mortgage with HGB, subject to certain criteria WEW may be able to cancel your residual debt. WEW will look into this as soon as we receive a declaration of loss from your lender and must assess whether you are eligible for cancellation. At that point, your lender passes over to us the data that it has about you. These are the data that it has gathered about you during your period of residence and which are relevant for us regarding the cancellation assessment.
This file contains data about your income, any assets and outgoings, any arrears and the way in which your lender has tried to assist with these arrears. in addition, in certain situations the file may contain data about the end of a relationship, unemployment, your health or the health of a family member or a criminal situation.
5. Request for review or appeal
It may be that you do not agree with WEW’s decision regarding the cancellation of your residual debt. In that event, you may submit a request for a review, with or without the involvement of a legal representative. We use the data that you pass on to us in this situation in considering whether or not to revise the decision. If this does not lead to a revised decision, you may possibly be able to submit an appeal, again with or without the involvement of a legal representative. In that event, we use the data to defend our position in the legal dispute.
6. For identification
Part of the file that your lender passes over to us is a copy of your proof of identity. We need this document in order to check whether a proper Caribbean Credit Bureau or BKR check has been performed. We are given this proof of identity document by your lender who ensures that your national identification number is crossed through.
7. Comparison of data
In order to ensure that our data are correct, we check them regularly with the lender from which we initially received the data.
8. Data analysis
On the basis of aggregated information, WEW performs analyses of the use of its services and the associated risk for WEW. When performing these analyses, we process personal data so as to be able to perform statistical analyses. The results of these analyses are reported on only on an aggregated basis. This means that the results cannot in any way whatsoever be traced back to individual customers.
9. Questions & complaints
You can contact us with any questions or complaints via various channels. If you contact us, we will process personal data to answer your question. For this purpose we process your name, contact details, your correspondence with WEW about your question and all other personal data that you pass to us and that are required by us to answer your question.
10. Product development and data analysis
On the basis of aggregated information, WEW performs analyses of the use of its services, how the processes run and the associated risk for WEW. We also look at market developments and trends so as to improve our service. When performing these analyses, we process your data so as to be able to perform statistical analyses. Here the data are stripped as far as possible of directly traceable personal data. The results of the analyses are reported only on an aggregated basis. This means that the results cannot in any way whatsoever be traced back to individual customers.
11. Customer survey
In order to improve WEW’s products and to gain an idea of our (potential) customers, we sometimes contact a selection of our customers for a survey. Here we use only your name, address and domicile. The results of these surveys are used for asking supplementary questions only in a few cases. The reports on the surveys are reported only on an aggregated basis unless otherwise stated. This means that the results cannot in any way whatsoever be traced back to individual customers.
If you are approached for such a survey, you of course have the right not to participate in it. Moreover, you can let us know that you do not want to be approached again for these surveys in the future. It may also be that we conduct surveys where the results can be retraced. If you are asked to take part in such a survey, we will always let you know this.
As you can see in the above section, we receive personal data from various sources. We have summarised these sources for you again below:
- Your mortgage lender when checking and registering the mortgage with HGB, in the event of arrears, questions and requests to WEW or upon sale where there is residual debt;
- The Caribbean Credit Bureau and the Dutch Credit Registration Office where we or the lender enquire about any debts;
- Your legal representative, for example your lawyer in the event of a complaint or appeal;
- Yourself, for example via a website, in the event of a complaint or via social media.
WEW has a retention period policy which sets down the periods after which WEW will delete or anonymise personal data. In short, the following periods apply:
- Regular deregistration of a guarantee: 7 years;
- Sale with debt cancellation: 10 years;
- Sale without debt cancellation: 20 years.
If you wish, we can send you more information about these periods.
Passing your data on to third parties
When providing its service, WEW involves various third parties, these belonging in the following categories:
- IT hosting
- Collection specialist
- Customer research company
- Actuarial research company
- Printing company & mailing company
- Automation service providers
In addition, WEW passes on personal data, if relevant, to third parties that provide their own services as controllers, these being parties in the following categories:
- Estate agent
In so far as these third parties process personal data when providing the services and business activities concerned, WEW takes the required contractual, technical and organisational measures to ensure that the data are processed only in so far as this is necessary within this context. In any event, these parties will only process personal data in conformity with the applicable legislation and regulations.
All personal data that WEW processes are stored within the European Economic Area (EEA). Managers outside the EEA may obtain access to those data only if it is necessary for the maintenance of the service and at WEW’s request. In such cases, any processing is based on agreements in which the standard terms and conditions relating to data protection stipulated by the European Commission are included. You can request a copy of the various agreements via email@example.com.
Personal data are only passed on to tax authorities, law enforce agencies such as the police and judicial authorities or regulators only if WEW is legally obliged to do so.
Sharing your personal data within WEW
Within WEW, only employees working directly in our client services have access to personal data. Exceptional rights relating to such access are granted subject to controls and with good reason.
WEW handles personal data with care. WEW has taken appropriate technical and organisational measures to protect personal data from loss or illegal processing. Here WEW relies on the internationally recognised standard ISO27001. The main elements of this are the training of our staff, secure servers, physical security of areas where data are stored and encryption of the data during storage and transportation. You can find more information about how we protect your personal data in our Privacy & Security Statement on www.nhg.nl/privacy.
We also advise you to handle your own data with care and confidentiality and not to share your personal data publicly without careful consideration.
As a data subject you have a right of inspection, a right to correction, to data erasure (deletion) and to the restriction of the processing and the right to object to the processing. In addition, you have a right to withdraw any consent given to the processing of special categories of personal data. These rights are described in Articles 15 to 22 of the General Data Protection Regulation. These rights are not absolute and will be assessed by us in the individual case.
You also have the right not to be subject to a decision based solely on automated processing, including profiling, where there are associated legal consequences for you or where you are considerably affected in some other way. Lastly, you have a right to submit a complaint to a regulatory authority if you are of the opinion that we are not complying with the relevant legislation in the course of our processing. In that event, you can contact the BES Commission for the Protection of Personal Data and the Personal Data Authority in the European Netherlands (Postbus 93374, 2509 AJ The Hague). In fact, these authorities work together.
The exercise of your rights commences in principle with the right of inspection. You may submit a request for this to us, enclosing a copy of your identity document. Because we may not process any national identification numbers, we ask you to cross through this number on the copy of your identity document.
You can send the request to firstname.lastname@example.org or in writing to:
f.a.o. the Data Protection Officer
3521 AZ Utrecht
We ask you to state in your request whether you would like to receive your data in written form by post or would prefer to receive the data by email. In the latter case, we ask you to state your email address in the request.
Once we have received your request, we will send you confirmation of this. We will then set about gathering all the information about you that we have recorded. It may occur that in the meantime we have questions about why we are approaching you. It may also be that we must cross through the specified data that may relate to other people, for example an (ex-)partner. It may also be that we are legally obliged to ask other people for their consent to passing the data on to you. In some cases this may lead to delay.
We do our best to send you a summary of your data in so far as they are known to us within four weeks. If we cannot meet this deadline, we will inform you of this as soon as possible. We will do so in any event before the four-week deadline has expired. According to the law, we are permitted to extend the lead time by a further four weeks. However, we try to avoid doing so. Once we have gathered all the data, we will send it to you.
You can ask questions about this privacy statement via email@example.com.
The greatest possible care has been taken in producing this privacy statement. The legislation and regulations in force are the decisive criterion in each specific situation.