Five major banks are offering homeowners up to three months of mortgage payment relief in wildfire-devastated areas of Southern California, Gov. Gavin Newsom said Saturday.
In a statement, Newsom’s office said banks would have a streamlined process that would not require submitting any forms or documents and that at the end of the forbearance period, there would be no immediate refund or late fees. The 90-day pause on mortgage payments for homes destroyed or damaged by fires will not be reported to credit agencies, Newsom’s office said.
“After so much trauma, we hope this agreement will bring some relief to thousands of survivors,” Newsom said in a statement. “These financial protections will allow residents to focus on their immediate needs rather than worrying about paying their mortgage bills. »
Participating banks include Bank of America, Citi, JPMorgan Chase, US Bank and Wells Fargo. Many banks already have policies allowing up to three additional months of payment forbearance. To participate, homeowners must contact their mortgage lender. ZIP codes included in the mortgage relief program are: 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001,91104, 91106, 91107 and 93536, according to Newsom’s office.
Additional commitments to help those affected by the fires will be announced in the coming days, Newsom’s office said.
On Saturday, the Palisades and Eaton fires burned more than 11,000 structures and killed at least 27 people. After a respite this weekend from dangerous winds, a new round of fires could arrive next week, forecasters said.
Additional executive orders issued by Newsom extended the tax filing deadline for individuals in Los Angeles County to October 15. Another executive order allows homeowners to wait until April 2026 to file this year’s property taxes without penalty. Longer deferrals, of up to four years, are also available in apply to the Los Angeles County Treasurer and Tax Collector.
Newsom’s order to protect wildfire victims from predatory land speculators makes unsolicited and undervalued offers a misdemeanor for three months. Violations can be reported to the Attorney General’s Office at oag.ca.gov/report.
“As families grieve, the last thing they need is greedy speculators profiting from their pain,” Newsom said in a statement Tuesday. “I have heard first-hand accounts from community members and victims who received unsolicited and predatory offers from speculators offering cash well below market value – some while their homes were burning. »
Such offers prompted advocacy group SGV Progressive Alliance to announce it would hold a protest at 2:30 p.m. Saturday to send a message to real estate developers that Altadena is not for sale, Melissa Michelson said. The protest was scheduled to begin at Lake Avenue and East Woodbury Road.
“The message is that the community needs to stay strong and not sell your property to the first buyer that comes along,” Michelson said. “The problem is the displacement of the neighborhood and the neighbors who have been there for so long. We don’t want neighborhoods to change.
