60-Day Extension of Foreclosure Moratorium for Hurricane Maria Affected Areas in Puerto Rico and the U.S. Virgin Islands
The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2018-02, "Extension of Disaster Foreclosure Moratoriums for Specified Areas Impacted by Hurricane Maria," which extends the current 180-day foreclosure moratorium in the Presidentially-Declared Major Disaster Areas (PDMDAs) for Hurricane Maria in Puerto Rico and the U.S. Virgin Islands for an additional 60 days, through May 18, 2018. Read HUD's press release.
The U.S. Department of Housing and Urban Development (HUD) is exercising its authority to extend the current foreclosure moratorium due to the extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands. This extension is only for those counties that the Federal Emergency Management Agency (FEMA) has declared to be eligible for Individual Assistance, and applies to both the initiation of foreclosures and foreclosures already in process.
ML 2018-02 is effective immediately, and is applicable to all homeowners with FHA-insured Title II forward mortgages whose property or place of employment is located in the PDMDAs for Puerto Rico's Hurricane Maria (FEMA-DR-4339) and U.S. Virgin Islands' Hurricane Maria (FEMA-DR-4340).