California Governor Gavin Newsom announced a new emergency program to provide mortgage relief to victims of the recent firestorms in Los Angeles County. The program includes a 90-day grace period on mortgage payments, a waiver of late fees for 90 days, and a 60- to 90-day moratorium on new foreclosures for property owners whose structures were damaged or destroyed in the wildfires.
More than 12,000 homes and businesses have been damaged or destroyed in the Eaton and Palisades fires, creating a deep affordable housing shortfall in the area. Major lenders participating in the program include Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo.
Affected homeowners will have access to streamlined processes for requesting relief, no immediate repayment of balloon payments, relief from mortgage-related late fees, protection from new foreclosures or evictions, and no immediate reporting of late payments to credit agencies. The program will include residents in specified ZIP codes in Los Angeles County, with relief available directly from the lenders holding the mortgages.
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