Mortgage holders behind in their payments just got some help from the Puerto Rico Legislature though the bill still needs Gov. Alejandro García-Padilla’s signature.
The “Mortgage Holder Relief Act,” approved by both House and Senate, gives homeowners in arrears the opportunity to negotiate “a damage mitigation plan” with the mortgage lender before the latter can begin collection and foreclosure proceedings.
Under the measure, the mortgagee must offer delinquent mortgagors an alternative plus evaluate whether the homeowner qualifies for a process that must be fully complied with before the lender can proceed to collect money owed and foreclose the property via the courts.
With more than 70,000 island homes at risk of foreclosure, “this bill arises from the complaints of thousands of families that are going through difficult moments in staying up to date with their home mortgage payments. We believe this (bill) does justice and protects the interest of these families,” said Popular Democratic Party Rep. César Hernández-Alfonzo, who filed the measure.
A legislative spokesman said the governor is expected to sign the bill.