Hurricane-Related Loan Delinquencies Cause Havoc in Puerto Rico

(Bloomberg) -- An estimated one quarter of Puerto Rico’s 400,000 first-lien home mortgages are in some stage of delinquency or foreclosure, according to Black Knight, a mortgage data analytics firm. Of the 100,000 delinquent mortgages, 50,600 are hurricane-related. More than 80 percent of the storm-linked delinquencies are 90 or more days past due.

90+ Days Delinquencies in Puerto Rico

In mid-May, for the second time this year, the U.S. Department of Housing and Urban Development and the Federal Housing Administration extended a foreclosure moratorium for Hurricane Maria victims across Puerto Rico. Foreclosure actions against eligible FHA borrowers are suspended until Aug. 16.

To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net

To contact the editors responsible for this story: Kristy Scheuble at kmckeaney@bloomberg.net, Vincent Del Giudice

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