Cabo Rojo to host free housing counseling event
April 29, 2024
The workshop is designed to educate on the buying process and financial assistance. #NewsismyBusiness
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FirstBank sues Pizza City owners to collect $1.9M in unpaid loan, foreclose
August 23, 2021
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 […]
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Puerto Rico Legal Aid unveils tech tool to identify level of risk of foreclosure
April 22, 2021
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 […]
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USDA extends evictions, foreclosure moratorium to June 30, 2021
February 17, 2021
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 […]
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Legal Services creates guide to inform on moratoriums in times of COVID-19
January 26, 2021
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 […]
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Puerto Rico Supreme Court defines ‘good faith’ in compulsory foreclosure mediation cases
October 19, 2020
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 […]
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P.R. Legal Aid unveils free support tools to help with mortgage foreclosure cases
March 12, 2019
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 […]
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Foreclosures could spike by year’s-end as loan moratoriums expire
June 22, 2018
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.
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FHA extends foreclosure moratorium for Hurricane María victims
May 17, 2018
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.
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Freddie Mac, Fannie Mae extend foreclosure sale suspension in P.R/USVI
March 8, 2018
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.
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FHA extends foreclosure moratorium for Hurricane María victims
March 2, 2018
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.
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U.S. lawmakers ask HUD to extend foreclosure moratorium in P.R., USVI
February 28, 2018
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.
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FHA expands foreclosure relief for victims of ’17 disasters
February 23, 2018
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.
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Op-Ed: Alternatives to help you to keep your property
May 28, 2014
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.
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Gov. Fortuño signs foreclosure mediation law
August 21, 2012
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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