**Major Banks in L.A. Region Offer Mortgage Relief Amid Fires**
In response to the devastating Southern California wildfires, Governor Gavin Newsom announced that five major banks are stepping up to offer homeowners in affected areas up to three months of mortgage payment relief. The participating banks include Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo.
Streamlined Process for Relief
Newsom’s office revealed that homeowners will have access to a streamlined process that does not require submitting forms or documents. Additionally, once the forbearance period ends, there will be no immediate repayment required, nor will there be any late fees. This 90-day pause on mortgage payments for homes that were destroyed or damaged by the fires will not be reported to credit agencies.
Emphasis on Providing Relief
Governor Newsom expressed his hopes that this deal will offer thousands of survivors a much-needed measure of relief during this challenging time. By providing these financial protections, residents can focus on addressing their immediate needs without the added stress of mortgage bills looming over them.
Community Support and Advocacy
In light of the recent wildfires, additional commitments to aid those affected are expected to be announced in the coming days. As the fires have already destroyed over 11,000 structures and claimed the lives of at least 27 individuals, the community is coming together to support one another.
Melissa Michelson, a member of the advocacy group SGV Progressive Alliance, announced a protest to send a message to developers that Altadena is not for sale. The group’s concern revolves around preventing the displacement of long-standing neighbors due to predatory land speculators taking advantage of the situation. The protest serves as a call for the community to stand strong and resist selling their properties hastily.
As the fires continue to pose a threat, Governor Newsom has issued executive orders to help protect fire victims from such predatory practices. These orders aim to provide additional relief to individuals in Los Angeles County, including postponing tax filing deadlines and offering longer deferrals for property taxes without penalties.
Overall, the efforts of the government, financial institutions, and community groups are coming together to support those affected by the wildfires and ensure they have the necessary resources to recover and rebuild.
