California Fire Victims Granted Mortgage Relief by Financial Institutions
In the wake of the devastating Los Angeles firestorms, nearly 270 state-chartered banks, credit unions, and other financial companies have stepped up to offer mortgage relief to residents whose homes were damaged or destroyed. This initiative, spearheaded by Governor Gavin Newsom, comes as a beacon of hope for those grappling with the aftermath of the catastrophic fires.
Financial Institutions Extend a Helping Hand
Last week, five major banks, including Wells Fargo, Bank of America, JP Morgan, Citibank, and U.S. Bank, announced mortgage relief programs for fire victims. Now, additional institutions like Banc of California, Hanmi Bank, and PennyMac Loan Services have joined in to provide much-needed assistance to homeowners and businesses affected by the tragedy.
Jared Wolff, CEO of Banc of California, expressed pride in collaborating with the state to offer relief to those in need. This collective effort underscores the importance of community support and solidarity during times of crisis.
Details of the Relief Program
The relief package includes a 90-day forbearance on mortgage payments and late fees, no negative reporting to credit bureaus for delayed payments, protection from foreclosures or evictions for at least 60 days, and the exclusion of balloon mortgage payments at the end of the reprieve. These measures aim to alleviate the financial burden on fire victims and provide them with a sense of security as they navigate the recovery process.
Expanding Assistance to Affected Residents
Qualified residents in specific Los Angeles County ZIP Codes, such as 90019, 90041, 90049, and 90265, among others, are eligible for this assistance. To avail themselves of the relief program, borrowers are encouraged to reach out to their mortgage servicers promptly.
In addition to mortgage relief, Governor Newsom has implemented measures to postpone the state tax filing deadline and provide property tax deferrals for fire-affected communities. These actions underscore the government’s commitment to supporting individuals and families as they rebuild their lives in the wake of the devastating fires.
Legislators and Communities Unite in Gratitude
Southern California lawmakers, including Senator Sasha Renée Pérez, have lauded Governor Newsom’s swift response in providing mortgage relief to fire victims. The collective efforts of lawmakers, financial institutions, and community members exemplify the resilience and compassion that define the spirit of California in times of adversity.
In the face of unprecedented challenges, the outpouring of support and solidarity from all sectors of society serves as a beacon of hope for those affected by the fires. As California continues to recover and rebuild, the unwavering commitment to assisting fire victims remains a testament to the strength and unity of the community.
