United Democratic Party (UDP) Leader Greg Moss hopes to table amendments to the Conveyancing and Law of Property Act which will, among other things, give Bahamian courts significant powers over mortgages.

The amendments, which Moss hopes to table in the House of Assembly soon, will vest Bahamian courts with the jurisdiction to "refuse to make an order for sale, to extend the repayment period under a mortgage, to ignore accelerated payment clauses in a mortgage, to capitalize and allow repayment of arrears of interest over the remaining life of the mortgage and, generally, to do what is just and equitable" between the mortgagee and homeowners. The bill also allows for the "progressive reduction of insurance obligations as such mortgages are repaid".

"The Conveyancing and Law of Property (Amendment) Bill 2015 is the first in a series of bills that will be laid before the House as private member's bills to provide relief and equity to the Bahamian people," the UDP said in a statement yesterday.

The bill will allow the court to stay, suspend or postpone proceedings brought by a mortgagee against a mortgagor if it appears that the mortgagor is likely to be able within a "reasonable period to pay any sums due under the mortgage or to remedy a default consisting of a breach of any other obligation arising under or by virtue of the mortgage". When Moss announced the formation of his new party in September, he pledged to table several pieces of legislation to assist Bahamian homeowners who are struggling.

"The position is very simple: You're in the government; you're in the opposition. Vote for these bills if you care for the people," he said at the time. "If you don't, when we get in we will vote for these bills."

Prime Minister Perry Christie has said several times this year that the government has not given up on its failed mortgage relief plan. The mortgage relief plan was a major pledge the Progressive Liberal Party (PLP) made ahead of the 2012 general election. In a watered down version, the plan was projected to assist 1,100 homeowners. But when the government implemented the program it helped fewer than 10, officials admitted. According to the government, there were around 4,000 homeowners in arrears.

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