The Office of the Commissioner of Financial Institutions of Puerto Rico has published a revised application for mortgage borrowers seeking loss mitigation for their primary residence. The form reflects statutory protections that prevent a mortgage creditor from pursuing collection or foreclosure before completing the borrower’s eligibility assessment, regardless of the amount owed or the period of nonpayment. If legal proceedings have already begun, the creditor must suspend them after receiving the application and the documents required to evaluate the case. The creditor also may not refuse partial mortgage payments during the loss mitigation process. At least one borrower may complete the application, and requested documents must be provided within 15 days after receipt of the creditor’s written request.
2026-08-26Office of the Commissioner of Financial Institutions of Puerto Rico
Office of the Commissioner of Financial Institutions of Puerto Rico revises primary residence mortgage loss mitigation application
The Office of the Commissioner of Financial Institutions of Puerto Rico has revised the loss mitigation application for mortgages on borrowers’ primary residences. Creditors must complete the eligibility process before pursuing collection or foreclosure, suspend existing proceedings upon receiving the application and required documents, and continue accepting partial payments during the review.