Governor Gavin Newsom announced that five major financial institutions have agreed to provide mortgage relief for property owners affected by the recent firestorms in Los Angeles and Ventura Counties.

Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo have committed to offering their impacted customers a 90-day forbearance on mortgage payments, without reporting these to credit agencies.

“After so much trauma, we hope this deal will provide thousands of survivors a measure of relief,” said Governor Newsom. “These financial protections will enable residents to concentrate on taking care of their immediate needs rather than worrying about paying their mortgage bills.”

Details of the Relief Package

The relief package includes a 90-day grace period on mortgage payments, waiver of late fees for 90 days, and a 60- to 90-day moratorium on new foreclosures for property owners whose structures were damaged or destroyed. Qualified borrowers in specific Los Angeles County ZIP codes are eligible for this assistance.

In addition to the mortgage relief, Governor Newsom has issued several executive orders to aid in recovery efforts. These include tax relief for affected individuals and businesses, streamlined rebuilding processes, expedited temporary housing construction, and protection against price gouging.

Related Story: Newsom: Insurance Companies Can’t Cancel or Not Renew Policies of LA Fire ...

Additional Funding and Protection Measures

The state is also proposing $2.5 billion in additional funding for emergency response and recovery efforts in Los Angeles. Governor Newsom emphasized the importance of safeguarding survivors from predatory practices, issuing an executive order to protect firestorm victims from aggressive real estate speculators.

Affected Californians can access information and resources from state, local, and federal government at CA.gov/LAfires. Those who sustained losses can apply for disaster assistance through FEMA’s smartphone app.

Read more at Governor of California