FHA Updates Policy for Homeowners in Puerto Rico and Virgin Islands
August 20, 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 with delinquent FHA-insured mortgages to bring their mortgages current without increasing their interest rates or monthly payments.
FHA's "Disaster Standalone Partial Claim" will now be the first mortgage relief option available for hurricane victims with FHA-insured homes located in Puerto Rico and the U.S. Virgin Islands. This service covers missed mortgage payments up to 30 percent of unpaid principal balance through an interest-free second loan on the mortgage, which is payable when the borrower sells the home or refinances their mortgage. The FHA is also granting a final 30-day extension of its foreclosure moratorium to allow distressed FHA-insured homeowners in those Caribbean territories to secure a permanent mortgage resolution.
The Department of Housing and Urban Development has also instructed all FHA-approved mortgage servicers to continue suspending all foreclosure actions against eligible FHA borrowers in the Presidentially Declared Major Disaster Areas until Sept. 16. The FHA has no plans to further extend the foreclosure moratoriums after that date.
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