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On August 15, 2018, the Department of Housing and Urban Development (HUD) announced that the Federal Housing Administration (FHA) has once again extended the foreclosure moratorium for borrowers in Puerto Rico and the U.S. Virgin Islands affected by Hurricane Maria.
Through Mortgagee Letter 2018-05, borrowers in the Hurricane Maria related Presidentially-Declared Major Disaster Areas of Puerto Rico and the U.S. Virgin Islands will be given an additional 30 days of relief from foreclosure activity. The moratorium is set to expire on September 15, 2018. The Mortgage Letter also allows for some affected borrowers to be evaluated for Disaster Standalone Partial Claims earlier in the loss mitigation process.
NAR supports this action by HUD and FHA which will help to reduce foreclosures in the affected areas and prevent losses to the Mutual Mortgage Insurance Fund.