Governor Gavin Newsom announced Saturday that five of America’s largest financial institutions will provide mortgage relief to residents affected by the Southern California wildfires.
Newsom’s office announced that Bank of America, Citi, JPMorgan Chase, U.S. Bank and Wells Fargo have made commitments.
In addition to other wildfire-related relief measures, these financial institutions are offering affected homeowners a 90-day moratorium on mortgage payments without having to report payments to credit bureaus. I am proposing.
“After so much trauma, we hope this agreement will bring some measure of relief to thousands of survivors,” Newsom said in a release issued Saturday morning. “These financial protections will allow residents to focus on addressing their immediate needs without worrying about making mortgage payments.”
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In addition to the forbearance period, lenders also offer a streamlined process for applying for initial relief without filing forms or documents, as well as payment options that do not require immediate repayment at the end of the forbearance period.
It also provides relief from mortgage-related late fees incurred during the forbearance period and protects you from new foreclosures and evictions for at least 60 days.
Additionally, financial institutions do not report late payments of retained amounts to credit institutions.
This relief is available to eligible residents who are customers of five institutions who reside in LA County zip codes 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, and 93536. available to anyone.
Borrowers must contact a mortgage servicer to receive relief.
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