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

Home Equity

Achieve Closes $261.5M HELOC Securitization Ahead Of Planned TPO Launch

The company expects to begin purchasing fixed-rate HELOCs from correspondent lenders during the third quarter

Achieve has completed a $261.5 million securitization backed by 3,129 fixed-rate home equity lines of credit as it prepares to begin purchasing HELOCs from correspondent lenders.ACHM Trust 2026-HE1 closed July 30 and was announced Aug. 6. It is Achieve’s first HELOC securiti...

Analysis and Data

Better Will Miss September Break-Even Target, Interim CEO Says

Platform volume overtook DTC, but costly enterprise integrations have yet to deliver, and new partnership growth is not expected until Q4

Better Home & Finance will miss its goal of reaching adjusted EBITDA break-even by the end of September, interim CEO Daniel Lewis acknowledged during his first earnings call leading the company.Rather than set another deadline, Lewis said Better must first show that it c...

Sep

Dallas, TX

More from

Regulation and Compliance

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

Regulation and Compliance

Aug 06, 2026

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

Regulation and Compliance

Aug 05, 2026

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Regulation and Compliance

Aug 05, 2026

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3