Are you behind on your mortgage payment? Do you think you are at risk of an imminent default?
CONSUMER is certified by the Federal Department of Housing and Urban Development (HUD) as a Housing Counseling Agency. For such purposes, our Certified Counselors provide guidance to all persons planning to acquire and finance their first home (in order to explain all related terms). To homeowners who have arrears in their loans and need to explore options to avoid foreclosure, as well as seniors who want to make cash part of the equity accumulated on their property through the financing known as Reverse Mortgage.
As a result of the Hurricanes Irma and Maria that hit the island in September 2017, mortgage creditors in Puerto Rico offered a moratorium on payments to their customers. These deferment plans, were mostly offered automatically to customers who were unable to make their respective payments following hurricanes. The moratoriums were initially offered for a term of three months, but the term was extended for an additional six months. It should be noted that moratoriums on mortgage loans ended on June 30, 2018.
In general terms, moratoriums were beneficial to consumers because they were not required to make their regular monthly payments during that period and were not affected by their credit despite having failed to comply with the original agreement. At the end of the moratorium, customers will need to discuss with their respective mortgage creditors to negotiate the repayment of the mortgage payments they stopped remitting during that period. Depending on the type of mortgage loan (FHA, conventional, Veteran, Rural Housing), as well as the previous payment history of each client, mortgage creditors could offer different options.
For more information about this topic, as well as any other related to managing your personal finances, you can call (787) 722-8835 or 1-855-717-2227. We have branches in Santurce, Caguas, Bayamón and Orlando, Florida.