There are many questions we can ask ourselves about the real estate industry in Puerto Rico, where there are currently many buyers willing to buy thanks to the low rates set by the Federal Reserve. But due to the scarcity of inventory of properties to sell, and the few properties that come on the market their option term is 3 to 7 days after being listed by a real estate professional. «Realtor».
Where CBDG assistance from the U.S. federal government, the Puerto Rico government has not properly facilitated the mortgage banks to provide federal assistance to all buyers who optioned properties and ended up buying on their own through a personal loan, or simply were unable to purchase their property because of the bureaucratic process and restrictions of the federal Housing Department, coupled with the continuous changes in personnel and plans of the Government of Puerto Rico.
Also, Joint Resolution 26 passed by the Puerto Rico legislature to support consumers in the pandemic, since that first Joint Resolution 26, the financial sector granted some 506,828 moratoriums that began in some $22,684 million in loans or financing of all types. In the case of mortgage moratoriums, Joint Resolution 26 was amended and granted another two months to mortgage holders who are not subject to the special concessions that were granted, granting a 180-day grace period to mortgages guaranteed by the Federal Housing Administration (FHA), the Veterans Administration and Rural Development of the federal Department of Agriculture, plus conventional mortgages granted by Freddie Mac and Fannie Mae. Granting a third moratorium until December 31, 2020. A fourth moratorium until March 31, 2021, where it is understood that foreclosure proceedings will begin on 92,526 properties to be foreclosed, which could leave thousands of families in Puerto Rico homeless.
Given these atypical events of which the owners of mortgages that are heading to foreclosure, they are the ones who have the opportunity to sell their properties through a Short Sale, where even that seller can after a while, buy back their new property through the low mortgage rates of which could remain as they are.
If this is your case, we can guide you, you are on time!
