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.
An estimated 300,000 Banco Popular customers participated in Banco Popular de Puerto Rico’s loan moratorium program, which included personal, auto, leasing, and mortgage loans, as well as credit cards, bank officials said Thursday.
The Federal Housing Administration (FHA) is extending its initial 90-day foreclosure moratorium for FHA-insured homeowners impacted by Hurricanes Harvey, Irma and María for an additional 90 days due to the extensive damage and continuing needs in hard-hit areas, the agency confirmed.