HUD: FHA INFO #18-12: Extension of HECM Foreclosure Timelines for Properties Impacted by Hurricane Maria in Affected Areas in Puerto Rico and the U.S. Virgin Islands
March 19, 2018
Source: HUD (FHA INFO #18-12 full version)
Today, the Federal Housing Administration (FHA) announced that due to the extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands, the U.S. Department of Housing and Urban Development (HUD) has exercised its authority to extend foreclosure timelines through May 18, 2018, for Home Equity Conversion Mortgages (HECM) on impacted properties in those Presidentially-Declared Major Disaster Areas (PDMDAs).
This extension is applicable only to those counties declared eligible for Individual Assistance by the Federal Emergency Management Agency (FEMA). It applies to both the initiation of foreclosures and foreclosures already in process on HECMs that become due and payable for reasons other than the death of the last surviving borrower and eligible non-borrowing spouse.
This guidance is effective immediately and is applicable to all homeowners with FHA-insured HECM mortgages whose property or place of employment is in the PDMDAs for Puerto Rico’s Hurricane Maria (FEMA-DR-4339) and U.S. Virgin Islands’ Hurricane Maria (FEMA-DR-4340).
- View the status of Incident Periods on the FEMA Disasters web page at: https://www.fema.gov/disasters
Contact the FHA Resource Center:
- Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:
- E-mail the FHA Resource Center at: firstname.lastname@example.org. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
- Call 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.