The Department of Housing and Urban Development announced this week that the Federal Housing Administration is extending the foreclosure moratorium for Hurricane Maria victims in Puerto Rico and the U.S. Virgin Islands.
Originally, the FHA told lenders and servicers to suspend foreclosures on the islands for 180 days, but the FHA announced this week that it is tacking an additional 60 days onto the foreclosure moratorium due to the “extensive damage and continuing needs in these hard-hit territories.”
Under the expanded moratorium, FHA is instructing lenders and servicers to suspend all foreclosure actions against insured borrowers in these Presidentially Declared Major Disaster Areas until May 18, 2018, HUD said this week.
According to HUD, FHA-insured homeowners may qualify for the foreclosure relief under the following conditions:
- The household lives within the geographic boundaries of a presidentially declared disaster area impacted by Hurricane Maria
- A household member of someone…