![]() ![]() While banks have ended their moratorium this month, the federal government has extended its moratorium until March.Įven before some of the moratoriums came to an end, there was widespread confusion about who qualified. After the Hurricane passed, banks and the federal government imposed a three-month moratorium during which foreclosures, late fees and credit scores reporting was suspended. The real fall out from Hurricane Maria, which made landfall on Sept. There is no special process to deal with that situation.” “Then if they are finally foreclosed, it will become a real estate owned (REO) property of the particular bank. Until then, the ownership will be retained by its lawful owners,” he said. “Any abandoned property that has a mortgage will be subject to a judicial foreclosure process. If the house still has a mortgage and payments on that mortgage are not being made, then the home will be foreclosed on, according to Ricardo Ramos-González, coordinator of a consumer legal aid clinic at the University of Puerto Rico School of Law. What will happen to the houses left behind depends on whether the house has been paid off or whether the owners are still making mortgage payments. Many of them left - and will leave - their homes behind. As many as 750,000 people are expected to leave Puerto Rico over the next four years. With the news of thousands of people leaving their homes in Puerto Rico, I was wondering what really legally happens to their abandoned homes? Do they retain their ownership or is it forfeited?īy the end of November, more than 208,000 people made their way from the Hurricane-ravaged island of Puerto Rico to Florida. ![]() Listener Timothy Tyckoson from Deltona, Florida asked Marketplace this question: Ever wondered if recycling is worth it? Or how store brands stack up against name brands? What do you wonder? Let us know here. This is just one of the stories from our “I’ve Always Wondered” series, where we tackle all of your questions about the world of business, no matter how big or small. ![]()
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