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Gov. Gavin Newsom proposed a multi-million dollar mortgage relief package for victims of recent natural disasters, including a fire that swept Los Angeles County last month.
More than $100 million will be directly bailed out for those at risk of foreclosure under a plan that must be approved by the state commission. Another $25 million will fund mortgage counseling and help people navigate disaster assistance.
The relief package will be funded by a mortgage settlement reached by California Atty at the time. General Kamala Harris, who has a big lender not from the state budget but in the wake of a massive recession, according to Newsom’s Office. California housing finance institutions will oversee these funds, and its board will discuss the proposal on Thursday.
Such money may be important to many people in LA County. The fire last month was destroyed or significantly damaged more than 12,000 homes, but did not wipe out the obligations that homeowners must pay their mortgages.
As a result, many people are on hook for rent for temporary housing as well as mortgages that have been destroyed. Insurance payments can help cover such expenses, but the payments for concern are not sufficient, especially for those with underinsured insurance.
Mortgage relief is not limited to fires in Los Angeles. To qualify, after January 1, 2023, the homeowner must destroy or significantly damage the property due to a state of declaration.
“As survivors are cured from the trauma of recent disasters, the threat of foreclosure should be the last in their minds,” the news said in a statement. “This disaster mortgage relief program will help lift this burden and help families more time to concentrate on restoration.”
In the meantime, some temporary help is available.
Newsom previously announced agreements with several major banks and hundreds of state characterised lenders, bringing a streamlined process for fire victims to receive a 90-day suspension on mortgage payments. It was provided.
The bill, introduced in the state legislature, will allow people with fire-related financial difficulties to delay payments for up to a year’s worth of mortgage.
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