Los Angeles County residents who lost homes in the Palisades or Eaton wildfires face a daunting reality: their mortgage payments remain due, and so does a significant portion of their property tax.
Tax Assessor Jeff Prang has announced that he will reduce homeowners’ assessments and property taxes, but this relief only applies to the structure itself, not the land. In Southern California, two-thirds of a property’s assessed value is typically attributed to the land, rather than the house.
Homeowners are encouraged to register for Misfortune and Calamity Tax Relief through Prang’s website. However, those who lost homes in wildfires may still be liable for mortgage payments. Mortgage experts advise fire victims to contact their lenders to negotiate deferred payment schedules, which could temporarily delay or postpone payments for several months or even years.
Ultimately, wildfire survivors will need to fulfill their loan obligations, leaving them with significant financial burdens and long-term consequences.
Source: https://ktla.com/news/california/wildfires/if-you-lost-your-home-in-a-wildfire-what-happens-to-your-mortgage