Sens. Cortez Masto, Senators Urge Federal Agencies and Mortgage Lenders to Assist Hurricane Victims in Puerto Rico Ahead of Looming Foreclosure Crisis
While the federal government has imposed a temporary moratorium on foreclosures, it is set to expire in early 2018 before homeowners could sufficiently recover, and before electricity is even fully restored on the island.
"While victims of the storm work to pick up the pieces of their lives and repair homes that in many cases are still without electricity, they should not also be at risk of losing their homes and having their life savings wiped out," the senators said. "We write to you today to ask that you do everything in your power to assist victims of Hurricane Maria in
The senators continued, "People in
A copy of the letter can be found below:
To Secretary Carson,
As you know, in September of this year a devastating hurricane swept through the
We greatly appreciate that HUD,
Therefore, we ask that you extend the foreclosure moratorium for an additional twelve (12) months and provide additional relief to affected homeowners. This relief should include more expansive options to keep families in their homes. For example:
* During the moratorium period, no mortgage payment should come due and no additional interest charges should accrue. At the end of the moratorium, the term of the loan should be extended by the duration of the forbearance period to allow homeowners to repay the mortgage principle and interest that was unpaid under the moratorium;
* Giving homeowners twelve (12) months to repay any outstanding escrow balances that accrued during the moratorium;
* Waiving any late fees associated with missed mortgage payments;
* Suspending negative reports to credit bureaus associated with late or missed payments;
* Expediting insurance payments to homeowners and loosening or waiving requirements for insurance payouts where appropriate; and
* Advising mortgage servicers that written communications with homeowners, including court documents related to foreclosure proceedings, include copies that have been translated into Spanish.
People in
Sincerely,
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