Five significant banking companies have committed to providing mortgage relief to property owners impacted by the fires in the Los Angeles area, according to California Governor Gavin Newsom.
Bank of America, Citi, JPMorgan Chase, Wells Fargo, and U.S. Bank would provide affected homeowners with a 90-day mortgage payment forbearance, according to Newsom’s administration, without disclosing the payments to credit reporting agencies.
“We hope this arrangement would bring some solace to thousands of survivors after so much pain. Residents will be able to focus on meeting their urgent needs instead of worrying about mortgage payments thanks to these financial safeguards,” Newsom stated.
Financial institutions will provide their eligible borrowers with the following assistance:
Qualified clients of the institutions who live in Los Angeles County and fall into one of the following zip codes—90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, or 93536—will be eligible for the relief.
In order to obtain more promises in the days ahead, the Department of Financial Protection and Innovation will also be examining state-chartered financial institutions.
For assistance, borrowers should get in touch with their mortgage servicer.