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.Continue Reading
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.Learn more about Credit & Lending