Mortgage help available at San Juan Disaster Recovery Center
SAN JUAN – The Federal Emergency Management Agency (FEMA) has teamed with the U.S. Department of Housing and Urban Development to counsel hurricane survivors in Puerto Rico who are facing foreclosure or other difficulties with their mortgages, according to a release issued Tuesday.
The nonprofit organization Hope Now Alliance is offering free counseling and education to homeowners about reverse mortgages and delinquencies. “Disaster survivors can also connect with mortgage counselors, servicers, investors and insurers and learn whether it’s best to keep a home, rent it or pay a mortgage,” the release reads.
“By dealing with the issue right now, you can make a plan. If you communicate with your servicers, chances are you can get a repayment plan if you want to keep your house,” Julio Artiga, a consultant with Hope Now, is quoted.
One option for homeowners facing foreclosure, the release adds, is a short sale, “in which the bank allows the delinquent homeowner to sell the home for less than what’s owed. It doesn’t absolve the borrower from the debt incurred with the original mortgage, but it can be better than a foreclosure.”
Artiga further says that the “law has a lot of protections,” and Hope Now counselors can provide guidance for “an action plan” to face “the processes and the options involved.”
The counselors are available until July 13 at the San Juan disaster recovery center at Museo de Vida Silvestre, 1075 Ave. John F. Kennedy (Marg.). Hours are 9 a.m. to 5 p.m. Monday through Friday.
“Survivors may call 888-753-5302 to schedule an appointment and should be prepared to complete an assistance form during their visit,” the release reads.
Preview the form at HopeNow.com/pdf/AssistanceForm.pdf.