Wednesday, January 24, 2018

Puerto Ricans Could Lose Their Homes as Mortgage Moratorium Expires

SAN JUAN, Puerto Rico — Aylsa Torres sighed in relief when she received a letter from her bank two weeks after Hurricane Maria hit. She was among the hundreds of thousands of Puerto Ricans awarded a three-month moratorium on their mortgage payments as the U.S. territory reeled from the storm's destruction.

Believing she was temporarily freed from those financial obligations, the 46-year-old government worker drained her savings to pay for a $750 generator and $786 worth of repairs for storm damage. But when Torres visited her bank in December, she says, she was shocked to hear that she was behind on payments and that officials threatened to foreclose on her apartment and ruin her credit rating.

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