What to do if your home in Puerto Rico is at risk of foreclosure? Real alternatives before losing your property.

Losing a home is one of the biggest fears for any homeowner in Puerto Rico. Whether due to mortgage arrears, unexpected debts, or personal problems, many feel they have no way out when they receive a foreclosure notice. However, the reality is that there are alternatives to losing their property in foreclosure or at auction .

In the latest episode of Coffee with INCANTO: Properties with Purpose , we spoke with attorney José García Noya , president of the García Angelí firm, about foreclosures, legal alternatives, auctions, and the impact of abandoned homes on property values.

Foreclosures: A process no one expects to experience

In Puerto Rico, foreclosures have increased in recent years. They often arise due to unforeseen circumstances: a layoff, an illness, or a personal situation can completely destabilize a family's finances.

As García Noya explains: “They're taking away what you hold most dear, they're taking away your home, and if you have a family… your mind goes dark and you think there's no solution.”

Alternatives before losing property

While receiving a foreclosure notice can be frightening, all is not lost . Some available options include:

• Negotiate directly with the bank: There are mitigation programs that seek to restructure debt.

• Strategic home sale: It's not always necessary to sell cheap; with the right strategy, it's possible to recover some of the value and start anew.

• Debt reorganization or bankruptcy: Although this is the last resort, it can be a legal tool to save property and protect credit over the long term.

• Pre-auction agreements: Even up to the day before, a strong bid can stop the auction and allow for a fair transaction.

The role of brokers and lawyers in the process

In times of such emotional pressure, having ethical professionals is essential. A good broker or lawyer can help:

• Evaluate the problem objectively, filtering the emotional charge.

• Design a strategy to obtain the best possible price in case of sale.

• Negotiate with banks or buyers on fair terms.

Abandoned houses: a silent enemy of courage

In addition to foreclosures, another problem affecting homeowners in Puerto Rico is abandoned homes .

A public nuisance on the same street can make buyers wary and reduce their offers. As the lawyer points out: "An abandoned property on my street, in my neighborhood, that does affect the value of my property."

The good news is that, with municipal intervention and proper management, many of these properties can be rehabilitated and converted into investment opportunities that benefit the entire neighborhood.

A message of hope

Although going through foreclosure or seeing your home at risk of auction can be a devastating experience, there are always alternatives . The key is to act quickly, seek professional advice, and avoid making hasty decisions motivated by fear.

At Café con INCANTO, we believe that every homeowner deserves a strategy and that every problem has a solution.

📺 Watch the full episode here and learn how to protect your home and investment in Puerto Rico.