HECM Foreclosure Timelines Extended in Puerto Rico and USVI – NMP Skip to main content

HECM Foreclosure Timelines Extended in Puerto Rico and USVI

Phil Hall
Mar 20, 2018
The Department of Housing and Urban Development’s (HUD) Community Development Block Grant–Disaster Recovery Program has awarded nearly $28 billion

The Federal Housing Administration (FHA) has extended foreclosure timelines on Home Equity Conversion Mortgages (HECM) in the Hurricane Maria-damaged areas of Puerto Rico and the U.S. Virgin Islands to May 18.
 
The extension only applies to impacted properties in the Presidentially-Declared Major Disaster Areas of those territories, and is applicable only to those counties declared eligible for Individual Assistance by the Federal Emergency Management Agency (FEMA). The extension applies to both the initiation of foreclosures and foreclosures already in process on HECMs that become due and payable for reasons other than the death of the last surviving borrower and eligible non-borrowing spouse.   
 
 
Published
Mar 20, 2018
More from
Reverse
Open Mortgage Hires New National Director of Reverse Sales

Charith Rodrigo joins company from American Advisors Group.

Career
May 04, 2022
Reverse Mortgage Industry Sees April Drop In Loans

Decline comes after previous month’s 10-year high

Reverse
May 03, 2022
Reverse Mortgage Veteran Joins Steven J. Sless Group

Christopher Hartley will focus on increasing reverse mortgage originations

Reverse
Apr 15, 2022
ReverseVision Inc. Acquired By Constellation Mortgage Solutions Inc.

Constellation Mortgage Solutions Inc. announced the acquisition of ReverseVision, Inc., a home equity conversion mortgage and private reverse mortgage sales origination software company.

Home Equity
Feb 11, 2022
Steven J. Sless Group Of PRMI Appoints New Retail Production Manager

The Steven J. Sless Group of Primary Residential Mortgage named Greg Pahel as retail production manager, overseeing consumer direct reverse mortgage production.

Reverse
Jan 12, 2022
Washington Trust Hires New MLO

The Washington Trust Company hired Matthew McCarthy of Bloomfield, CT as a mortgage loan officer.

Community
Dec 16, 2021