Fannie and Freddie Disaster Relief Extension – Puerto Rico and U.S. Virgin Islands
Previously, Fannie Mae and Freddie Mac announced a temporary suspension of foreclosure sales for properties located within FEMA-declared, Individual Assistance eligible disaster areas in Puerto Rico and the U.S. Virgin Islands impacted by hurricanes Irma and Maria. Effective immediately, the GSEs have extended this relief through May 31, 2018 to best serve the affected property owners. Fannie and Freddie indicate the Servicer may proceed with the foreclosure sale, prior to May 31, 2018, if:
- The Mortgaged Premises has been identified as vacant or abandoned; and
- The Servicer has completed its property inspection and confirmed that there is no insurable damage or ability to receive FEMA funds on the Mortgaged Premises
For complete details on the recent announcements, as described above, read here:
Fannie Mae Lender Letter LL-2018-11
Freddie Mac Bulletin 2018-4
Proctor will continue to monitor federal, state and investor requirements for disaster assistance and will provide updates as they develop.