What you need to know: Governor Newsom today announced that the state has worked with five major lenders to provide mortgage relief to their customers who are LA firestorm victims. The lenders have committed to offering up to a 90-day grace period on mortgage payments, 90-day waiver of late fees, and 60- to 90-day moratorium on new foreclosures for property owners whose structures were damaged or destroyed by the LA firestorms.
LOS ANGELES — Governor Gavin Newsom today announced that five major financial institutions will offer mortgage relief for property owners in designated fire areas as a result of the devastation in Los Angeles and Ventura Counties. These institutions have committed to offer their customers who are impacted homeowners a 90-day forbearance of their mortgage payments, without reporting these payments to credit reporting agencies, and the opportunity for additional relief.
“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. I thank each of the financial institutions that are offering this help for Californians recovering from this catastrophic firestorm.”…