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Law No. 184, known as the Principal Residence Protection and Mandatory Mediation in Foreclosure Proceedings Act, was enacted in August 17, 2012.

It sets forth a court mechanism for the compulsory referral of mortgagors to financial entities so that they provide them with all of the possible alternatives that are available in the market and for which they quality in order to avoid a mortgage foreclosure or the judicial sale of the property that is being used as their principal residence.

The mediation process will be a jurisdictional requirement in cases where a mortgagee may have initiated a foreclosure process of a property that is being used as a principal residence by a mortgagor. Noncompliance with this requirement by the mortgagee will prevent the court from issuing a judgment against the debtor or selling the property through the courts.

The mediator will not provide legal nor financial advice and will maintain his objectivity throughout the process.

The mediator will invite the mortgage lender to share with the debtors their available alternatives to avoid foreclosure or the judicial sale of their home.

If you are interested in a mediator with experience in the Loss Mitigation alternatives, call us at 1-800-717-2227 or (787) 722-8835.  You may obtain more information about the Mandatory Mortgage Mediation in the Education section.

My Money Checkup

My Money Checkup is a tool that allows you to better understand the status of your personal finances, how you can improve your situation, and your options for the future. You just need to answer some questions, after which you will be provided a summary of your current financial situation as well as some recommendations. 


My Money Checkup®

Once you finish the analysis, you may request a free counseling session with one of our counselors at any of our branches by calling 1-800-717-2227 or (787) 722-8835.