34K Puerto Rico homeowners sheltered by USDA eviction moratorium
The US Department of Agriculture’s decision to extend the eviction moratorium for homeowners of properties financed or guaranteed by the agency through Sept. 30 could offer a reprieve to troubled mortgagees in Puerto Rico.
There are 34,000 on that list, but not all are experiencing hardship.
Furthermore, the agency announced that the single-family foreclosure moratorium expired July 31, 2021, after which no new foreclosure filings should happen until homeowners are reviewed for new options to reduce their payments and stay in their homes, said Luis R. García, USDA Rural Development acting state director for Puerto Rico.
Those options may include exploring ways to refinance and reduce monthly mortgage costs. The USDA is now allowing direct loans and home repair loans to be modified — only guaranteed loans could be adjusted until the change announced earlier this year.
USDA released new COVID-19 Single Family Housing Guaranteed Loan Program loss mitigation options on July 23, García confirmed.
After Sept. 30, USDA said it will “continue to support homeowners experiencing financial hardship due to the pandemic by making loss mitigation options available to help keep them in their homes.”
Homeowners and renters can also visit this website for up-to-date information on their relief options, protections, and key deadlines from USDA, the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau.