Five Star PR18 Summit
November 14-16, 2018
San Juan, PR
Safeguard Properties was honored to participate in the Five Star PR18 Summit, which was held November 14-16 in San Juan, Puerto Rico.
Representing Safeguard was Director of Client Account Management Elizabeth Squires and Manager of Client Accounts Kara Soppelsa.
During the event, some of the main challenges facing the island after the devastation caused by Hurricane Maria were discussed.
Included were the following:
• With evictions of personal property requiring a court order, many vacant properties (due to owners moving to the mainland) remain filled with personal property. Resulting contact with such individuals has proven difficult in determining whether or not they plan to make a permanent return to the island.
• Title issues for properties in securing FEMA assistance.
• Flooding issues caused by flat roofs and concrete materials, even when properties are “protected”.
• Communication barriers between banks and customers. Included is a concern ensuring individuals are aware of all assistance programs that are available to them.
It also is important to note that while the moratorium was lifted in September, the foreclosure process on average can take 12-18 months. As a result, a high influx of REO properties are expected for the 2019 fourth quarter.
In the wake of catastrophic natural disasters, the PR18 Summit gathered key stakeholders from mortgage banks, servicers, suppliers, non-banks, government agencies, and local business leaders for discussions surrounding the rebuilding of Puerto Rico’s housing infrastructure.