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Puerto Rico
US Virgin Island
Loss Mitigation Program
For Auto Loans, Personal Loans, Lines of Credit, and Credit Cards
The program helps avoid or reduce late payments with different payment options.
We evaluate the following factors:.
The alternatives offered within this program aim to provide options to cover past-due amounts and avoid the repossession of the unit, if applicable. The available options will depend on the type of loan, the customer’s particular situation, and approval.
Loss Mitigation Options
Payment extensions or moratoriums
A temporary plan for customers who are going through a particular situation that has caused them to fall behind on their auto loan, personal loan, lines of credit, or credit cards, providing an opportunity to recover financially.
Refinancing (Modification)
It's a permanent change to one or more payment terms of an auto loan, personal loan, lines of credit, or credit cards. The modification is mainly used to reduce the monthly payment to an amount the customer can afford.
- The borrower must submit a written request that includes: the date of the request, the term for up to a maximum of three months (for moratoriums), and an explanation of the situation or reason for the request.
- If the account has a co-borrower, they must also agree to and authorize the transaction in writing.
- The reasons that justify the moratorium must be based on sudden and temporary changes that affect the customer’s financial condition.
- Unemployment – A letter from the employer stating the reason and date of employment termination, or a layoff letter with the date.
- Temporary reduction of income – Proof of income, a letter from the employer, and/or a copy of the tax return certified by Hacienda, if necessary.
- Health condition – Medical certification without conditions and/or evidence of expenses.
- Reported to the State Insurance Fund Corporation (CFSE) – Letter from the employer indicating since when the case was reported and whether the customer receives salary, CFSE rest document, and CFSE benefit document.
- Unexpected expenses – Family death, mechanical damage to the unit, others (all submitted expenses must include invoices under the customer’s name).
- Others, subject to the type of loss mitigation alternative.
