Gov. Gavin Newsom announced Saturday that five major financial institutions will provide mortgage relief to property owners affected by wildfires in Los Angeles County.
Bank of America, Citi, JPMorgan Chase, U.S. Bank and Wells Fargo are giving affected homeowners a 90-day moratorium on mortgage payments without reporting payments to credit bureaus. , promised to provide additional relief opportunities.
“I hope this agreement brings some measure of relief to thousands of survivors after so much trauma,” Newsom said. “These financial protections will allow residents to focus on addressing their immediate needs without worrying about making mortgage payments.This assistance will help Californians recover from this devastating firestorm. Thank you to each financial institution for providing this.”
The governor’s office said Newsom is also working with other financial institutions and outside parties such as the California Bankers Association, California Credit Union Federation and California Mortgage Bankers Association who have expressed support for relief efforts. That’s what it means.
Additionally, the Department of Financial Protection and Innovation is surveying state-chartered financial institutions to identify additional commitments in the coming days.
Real estate developer Steve Soboroff and the city of Los Angeles announced a 90-day rebuilding plan after the Palisades fire destroyed more than 3,000 homes and buildings. Amber Frias reports on NBCLA News on January 18, 2025 at 6 p.m.
As part of Saturday’s announcement, the financial institution will offer eligible borrowers:
A 90-day mortgage payment forbearance period, a streamlined process for requesting initial relief without filing forms or documentation, and payment options that do not require immediate repayment of the outstanding amount at the end of the forbearance period (i.e., no balloon payments). ), and repayment opportunities for added peace of mind. Mortgage-related late fees incurred during the 90-day grace period will be waived. You will be protected from new foreclosures and evictions for at least 60 days. Financial institutions do not report late payments of retained amounts to credit institutions.
This relief is available to eligible residents of Los Angeles County in the following zip codes:
90019 90041 90049 90066 90265 90272 90290 90402 91001 91104 91106 91107 93536
Borrowers must contact a mortgage servicer to receive relief. A copy of the commitment can be found here.
Source link
