California Governor Gavin Newsom has announced an emergency mortgage relief program for victims of the deadly wildfires in Los Angeles and Ventura counties. The program, which includes major lenders Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo, will offer 90-day grace periods on mortgage payments, waiving late fees, and a moratorium on new foreclosures.
The program aims to provide thousands of survivors with financial relief, allowing them to focus on their immediate needs rather than paying mortgage bills. The affected area includes over 12,000 damaged or destroyed homes, businesses, and structures in ZIP codes 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, and 93536.
Under the program, homeowners will be afforded streamlined processes for requesting relief, waiving of balloon payments at the end of the forbearance period, relief from late fees for at least 90 days, protection from new foreclosures or evictions for at least 60 days, and no immediate reporting of late payments to credit agencies. The program is set to launch directly with the lenders holding the mortgages.
Source: https://www.dailynews.com/2025/01/18/newsom-strikes-deal-with-major-lenders-to-provide-mortgage-relief-during-wildfire-crisis