Gov. Gavin Newsom announces mortgage relief commitments from major lenders to help wildfire survivors
California Gov. Gavin Newsom announced commitments from five major financial institutions that will offer mortgage relief for property owners affected by the Los Angeles area fires.
Newsom's office said Bank of America, Citi, JPMorgan Chase, Wells Fargo and U.S. Bank will offer impacted homeowners a 90-day forbearance on their mortgage payments, without reporting the payments to credit reporting agencies.
"After so much trauma, we hope this deal will provide thousands of survivors a measure of relief. These financial protections will enable residents to concentrate on taking care of their immediate needs rather than worrying about paying their mortgage bills," Newsom said.
Assistance the financial institutions will offer their qualified borrowers:
- 90-day mortgage payment forbearance
- Relief from mortgage-related fees accrued during the forbearance period
- Payment option plans without immediate repayment of unpaid amounts
- Opportunity for additional relief
- Protection from new foreclosures or evictions for at least 60 days
- The financial institutions will not report late payments of forborne amounts to credit agencies
The relief will be available for qualified customers of the institutions who reside in Los Angeles County in the following zip codes: 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, or 93536.
The Department of Financial Protection and Innovation will also be reviewing state-chartered financial institutions to secure additional commitments in the coming days.
Borrowers should contact their mortgage servicer to receive relief.
