(MENAFN- EIN Presswire)
The commitments were made by the following banks: bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo. Governor Newsom's Administration is also engaging with other financial institutions, and collaborating with external stakeholders, such as the California Bankers Association, the California Credit Union League, and the California Mortgage Bankers Association, which have expressed their support for these relief efforts. Additionally, the Department of Financial Protection and Innovation is surveying state-chartered financial institutions to confirm additional commitments in the coming days.
As part of today's announcement, these financial institutions will offer their qualified borrowers:
90-day mortgage payment forbearance periods, streamlined processes for requesting initial relief without submitting forms or documents, payment options that do not require immediate repayment of unpaid amounts (i.e., no balloon payments) at the end of the forbearance period, and the opportunity for additional relief.
Relief from mortgage-related late fees accruing during the forbearance period for 90 days.
Protection from new foreclosures or evictions for at least 60 days.
Institutions will not report late payments of forborne amounts e to credit agencies
The relief is available to qualified residents who are customers of these institutions in Los Angeles County in the following ZIP codes: 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, or 93536.
Borrowers must contact their mortgage servicer to obtain relief.
A copy of the commitments can be found here.
Supporting recovery, protecting survivors
Governor Newsom has issued a number of executive orders in response to the Los Angeles fire storms to help aid in rebuilding and recovery, create more temporary housing, and protect survivors from exploitation and price gouging:
Providing tax relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 - providing critical tax relief for businesses .
Rebuilding Los Angeles faster and stronger . Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed - suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act.
Fast-tracking temporary housing. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks.
Mobilizing debris removal and cleanup . With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely.
Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs , and building materials or construction . Report violations to the Office of the Attorney General here .
Directing immediate state relief. The Governor is proposing California provide at least $2.5 billion in additional funding for ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles.
Getting kids back in the classroom. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms.
Protecting victims from real estate speculators . The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase victims'property.
Get help today
Californians can go to CA/LAfires – a hub for information and resources from state, local and federal government.
Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:
Online at DisasterAssistance
By calling 800-621-3362
By using the FEMA smartphone application
Assistance is available in over 40 languages
If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.