Gov. Gavin Newsom announced Saturday that five major banks are offering up to three months of mortgage payment relief to homeowners in areas affected by wildfires in Southern California.
Newsom’s office said in a statement that banks will use a streamlined process that does not require the submission of forms or documents, and there will be no immediate repayments or late fees when the grace period ends. Newsom’s office said a 90-day suspension of mortgage payments on homes destroyed or damaged by fire will not be reported to credit bureaus.
“After so much trauma, I hope this agreement brings some measure of relief to thousands of survivors,” Newsom said in a statement. “These financial protections will allow residents to focus on addressing their immediate needs without worrying about making mortgage payments.”
Participating banks are Bank of America, Citi, JPMorgan Chase, US Bank, and Wells Fargo. Many banks already have policies that allow up to three months of additional payment deferral. To participate, homeowners must contact their mortgage provider. ZIP codes included in the mortgage relief program are 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107 and 93536, according to Newsom’s office.
Additional efforts to help those affected by the fires will be announced in the coming days, Newsom’s office said.
As of Saturday, the Palisades and Eaton fires had destroyed more than 11,000 buildings and killed at least 27 people. Forecasters say dangerous winds have subsided this weekend, but fire weather could return next week.
An additional executive order issued by Newsom extends the tax filing deadline for individuals in Los Angeles County to Oct. 15. Another executive order allows homeowners to wait until April 2026 to file this year’s property taxes without penalty. Long-term deferrals of up to four years are also available upon application to the Los Angeles County Treasurer and Tax Collector.
Under Newsom’s order to protect fire victims from predatory land speculators, unilaterally undervalued offers are punishable by three-month misdemeanors. Violations can be reported to the Attorney General’s Office at oag.ca.gov/report.
“As families grieve, the last thing we want is greedy speculators taking advantage of their pain,” Newsom said in a statement Tuesday. “I have heard directly from local residents and victims who received unsolicited and predatory offers from speculators offering cash far below market value while their homes were on fire.”
In response to these offers, the advocacy group SGV Progressive Alliance organized a protest at 2:30 p.m. Saturday to send a message to developers that Altadena is not for sale, Melissa Michaelson said. He announced that he would do so. The protest was scheduled to begin at the intersection of Lake Avenue and East Woodbury Road.
“The message is, don’t sell your property to the first buyer that comes along; the community stands strong,” Michelson said. “The concern is the displacement of this area and the neighbors who have lived there for many years. We don’t want this area to change.”
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