Island residents who fell behind on their payments are facing creditors ranging from Wall Street to the federal government. Over the last four months, nearly 300 new foreclosure actions were filed in federal court in San Juan and in local courts across the island.
News Story (Puerto Rico)
New York Times (NYT)
July 15, 2018
READ THE FULL STORY HERE
Tags: Disaster Recovery, Housing: Foreclosure
Organizations mentioned/involved: Legal Assistance Clinic of the University of Puerto Rico
The filings are some of the first in Puerto Rico since several federal agencies — including the U.S.D.A. — imposed moratoriums on new foreclosures and legal actions in existing cases after the hurricane devastated the island’s electrical grid. But the moratoriums have begun to expire, setting the stage for what housing advocates have feared could be a wave of home foreclosures in the United States territory of 3.4 million people.
“The main problem here is that people are not prepared, and a lot of borrowers will be taken by surprise,” said Ricardo Ramos-González, coordinator of a consumer legal aid clinic at the University of Puerto Rico School of Law. “A lot of people are going to lose their homes.”