How common are foreclosures in Puerto Rico?


Quick Answer

As of 2015, foreclosures in Puerto Rico are rising at an increasing rate, according to a report by the Commissioner of Financial Institutions of Puerto Rico. In 2008, there were 2,357 foreclosures. Foreclosures in process increased to 18,288 by the time of the report.

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Full Answer

In addition to the homes already in the foreclosure process, 14,240 homes were more than 90 days late on their mortgage payments. When a home falls behind in payments by 90 days or more, it begins to enter the pre-foreclosure process.

On February 27, 2015, Doral Bank was closed. The FDIC was left with several foreclosed properties, which are now for sale at its website.

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