Effective immediately, the Federal Housing Administration (FHA) released a Mortgagee Letter granting a 90-day conditional extension of the current foreclosure moratorium related to Hurricane Maria in specified impacted areas of Puerto Rico and the U.S. Virgin Islands. Through this publcation, HUD communicates guidance that further extends the current moratorium for those that satisfy the stated requirements. The extension is applicable to certain FHA-insured mortgaged properties in specified counties eligible for FEMA-designated Individual Assistance located within Presidentially-Declared Major Disaster Areas.
For complete details, including the applicable conditions, please review the following Mortgagee Letter (ML 2018-03 ).
HUD’s Press Release can be viewed by following this link: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_18_039
Proctor will continue to monitor regulatory requirements and will provide updates as they develop.