HECM Foreclosure Timelines Extended in Puerto Rico and USVI

March 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.