FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by Hurricane Maria. The agency is instructing lenders and servicers to suspend all foreclosure actions against borrowers in these Presidentially Declared Major Disaster Areas until May 18, 2018. The agency also issued Mortgagee Letter 2018-02 to lenders, servicers, and counseling agencies providing specific guidance on the extension of the moratorium.

FHA’s press release is available at: https://www.hud.gov/press/press_releases_media_advisories.

Mortgagee Letter 2018-02 is available at: https://www.hud.gov/sites/dfiles/OCHCO/documents/18-02ml.pdf.