FHA Extends Foreclosure Moratorium in Puerto Rico and Virgin Islands

May 18, 2018

The Federal Housing Administration (FHA) has updated its foreclosure prevention options for borrowers in the 2017 hurricane-impacted areas of Puerto Rico and the U.S. Virgin Islands

The Federal Housing Administration (FHA) has issued its third extension of the foreclosure moratorium affecting borrowers with FHA-insured mortgages in the areas of Puerto Rico and the U.S. Virgin Islands that were devastated last summer by Hurricane Maria.

According to the FHA, this new extension will be in place within the Presidentially Declared Major Disaster Areas in the two territories until August 16. Eligible borrowers are those whose ability to make mortgage payments was directly or substantially affected by a disaster, and their mortgages cannot be more than 60-days past due prior to the date of the Presidentially declared major disaster or approved for a forbearance or other loss mitigation option.

This marks the latest effort by the federal government to address the housing damages created by natural disasters in 2017. Last month, the Department of Housing and Urban Development’s (HUD) Community Development Block Grant–Disaster Recovery Program has awarded nearly $28 billion to support long-term disaster recovery in hard-hit areas in nine states, Puerto Rico and the U.S. Virgin Islands. This represented the largest single amount of disaster recovery assistance ever allocated in HUD’s history.

About the author

Phil Hall

Link copied

Published

May 18, 2018

Analysis and Data

Mortgage Applications Fall After Rate-Jump

Refinance applications still 159% higher on an annual basis, reflecting last year's record lows

In the wake of a positive jobs report and subsequent rise in mortgage rates, more prospective borrowers held back this past week. Mortgage applications fell by 5.1% the week ending October 4, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applicati...

People On The Move

Mr. Cooper Adjusts Leadership To Drive Digital Strategy

The Dallas-based mortgage servicer welcomes several data-driven positions to hone in on digital innovation

Mr. Cooper announced today several senior leadership updates as the company continues to invest in new technologies and artificial intelligence. Sridhar Sharma will assume the role of Executive Vice President and Chief Innovation and Digital Officer. Sharma, who has been...

Nov

Pasadena, CA

More from

Regulation and Compliance

Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism

Regulation and Compliance

Oct 04, 2024

False Moves, Real Consequences

Don’t let missteps mortgage your future

Regulation and Compliance

Oct 04, 2024

Navigating New Norms

Unpacking changing issues in loan servicing

Regulation and Compliance

Oct 04, 2024

Congress Fits Trigger Lead Ban Into The 2025 Budget

Senate Amendment 2358, banning 'abusive' trigger leads, was added to the Senate's Fiscal Year 2025 NDAA

Regulation and Compliance

Sep 23, 2024

Banks' Mortgage Lending Portfolios Laced With Climate Risk

New First Street Foundation analysis finds 57 banks with a total of $627 billion in real estate loans exposed to “material financial risk” from climate impacts.

Analysis and Data

Sep 23, 2024

NEXA's Drawn-Out Legal Battle With Smart Mortgage Centers Gets Dismissed

Lawsuit over alleged "stolen" client information gets dismissed due to a lack of evidence

Courts

Sep 20, 2024

Popular