The mortgage delinquency rate in Puerto Rico increased after the COVID-19 pandemic to numbers very close to those registered on the island in the aftermath of Hurricane Maria.
September 20, 2017 in Puerto Rico is a date that many will never forget, when the catastrophic Hurricane Maria made landfall on the island, leaving the entire country and thousands of affected structures without light. Unemployment subsequently increased, and consequently, the mortgage rate by 90 days or more without payment.
According to the Fiscal Control Board (JCF), in the months following Maria, specifically between December and January 2018, the delinquency rate on the island increased from about 8% to 20%.
Similar numbers were recorded after the closure decreed in March by the COVID-19 pandemic. According to data collected by the JCF, from mid-March to July, the mortgage delinquency rate increased from 8 to 18%.
The increase in delinquency occurred despite a three-month legislate moratorium, the particularities of which included that it was not automatic, but that each client had to contact his bank to terminate it.