The workshop is designed to educate on the buying process and financial assistance. #NewsismyBusiness
FirstBank Puerto Rico recently filed a lawsuit seeking to collect $1.9 million from the owners of Pizza City, a long-standing, popular eatery with tourists on the Isla Verde strip in Carolina, claiming non-payment of an existing loan. It is also pursuing foreclosure and the sale of the iconic restaurant through public auction. In the lawsuit […]
In anticipation of its upcoming “Having a roof is a right: Common power against executions and evictions” virtual meeting, Puerto Rico Legal Aid (ALPR, in Spanish) announced the creation of a technological tool that allows identifying the level of risk of a foreclosure, the organization’s Executive Director Ariadna Michelle Godreau-Aubert announced. The virtual event will […]
The U.S. Department of Agriculture announced an extension of eviction and foreclosure moratoriums on USDA Single Family Housing Direct and Guaranteed loans through June 30, 2021. The actions announced will bring relief to at least 1,227 cases currently open in Puerto Rico, local agency officials announced. Of those, 617 cases are in foreclosure, 321 have […]
Consumers who have sought mortgage moratoriums due to the COVID-19 pandemic have a new educational tool on their loss mitigation alternatives once the moratorium ends, in the “Guide for mortgage moratoriums in times of COVID-19,” created by Puerto Rico Legal Services. The nonprofit noted that banking sector data show that more than 90,000 loans in […]
Puerto Rico Legal Services (SLPR, in Spanish) celebrated the opinion issued by the Puerto Rico Supreme Court in a mortgage foreclosure case that conclusively defines the concept of “good faith” in compulsory mediation processes that are mandatory in these cases. “Undoubtedly, the decision in this case will be a game changer for everyone facing foreclosure […]
Puerto Rico Legal Aid announced the launch of two new support tools that will allow people to get fast, free and accessible information to prevent the loss of their homes through foreclosure. Every Monday the team comprising the derechoatucasa.org program will be answering questions from people about loss mitigation, mediation and foreclosures through 787-957-3106 and […]
Puerto Rico property owners could face higher foreclosure levels after moratoriums on loan payments provided by local banks after Hurricane María expire in coming months, executives at FirstBank predicted Thursday.
For the third time since Hurricane María devastated Puerto Rico and the U.S. Virgin Islands, the Federal Housing Administration announced it is extending its foreclosure moratorium to borrowers with FHA-insured mortgages.
Freddie Mac and Fannie Mae announced they are both extending the suspension of all foreclosure sales through May 31, 2018 for mortgaged premises located in jurisdictions designated as Eligible Disaster Areas in Puerto Rico and the U.S. Virgin Islands as a result of Hurricane Irma or Hurricane María.
For the second time since Hurricane María devastated Puerto Rico and the U.S. Virgin Islands, the Federal Housing Administration (FHA) announced that the agency is extending its 180-day foreclosure moratorium for FHA-insured homeowners for an additional 60 days due to the extensive damage and continuing needs in these hard-hit territories.
A number of U.S. lawmakers sent a bipartisan letter to the U.S. Department of Housing and Urban Development requesting a 90-day extension of the foreclosure moratorium in Puerto Rico and the U.S. Virgin Islands ahead of the current March 19 deadline.
The Federal Housing Administration (FHA) announced expanded mortgage relief to FHA-insured homeowners who live or work in areas impacted by Hurricanes Harvey, Irma and María as well as California wildfires and subsequent flooding and mudslides.
The economic situation that has enveloped the island in recent years has a direct impact on the lives of thousands of Puerto Ricans. Among the various consequences this situation can generate is that many families have trouble making payments on their debts, including mortgages.
Despite intense last minute lobbying by Puerto Rico's banking sector, Gov. Luis G. Fortuño has signed a law requiring that all foreclosure proceedings of a primary residence include compulsory mediation. The law is effective in July 2013.
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