Puerto Rico foreclosure

The Puerto Rico foreclosure process is judicial. This means that before foreclosing on your property, the lender will have to file a lawsuit at the court with jurisdiction on your property. Once the lawsuit is filed, the judge will determine how much will need to be paid to cure the loan. You, the borrower, will be given a bit of time to pay this amount to stop the foreclosure proceedings.

If you don't pay in the alloted time, the judge will find in favor of the lender and decree when the property can be sold at public auction. Although an uncontested foreclosure can be completed in 2 to 3 months, foreclosure in Puerto Rico may take as long as 12 months of more, because the law will allow hardship requests, etc. to delay the process.



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