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Temporary Mortgage Relief for Californians

Temporary Mortgage Relief for Californians
Some property owners in California are now able to contact their lenders to forebear mortgage payments for 90 days! Governor Gavin Newsom issued announcement that Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo, and 200 state-chartered banks are volunteering to allow for 90-day mortgage payment relief. Other lenders, such as Bank of America, may allow forbearance for a shorter periods of time. The 90-day grace period would allow borrowers economically impacted by COVID-19 to apply for 90-day forbearance through a streamlined process. Be sure to ask when these postponed payments would be due (i.e., at the end of 90-day forbearance period or would the end date of the loan be extended out by 90 days). Banks have also committed to not reporting late payments or forbearance to credit reporting agencies, insuring there are no negative credit impacts from COVID-19. The aforementioned banks have also committed to a 60-moratorium on initiating foreclosure sales or evictions.

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Steven Huang

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