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Five banks offer mortgage reprieve to LA’s fire-ravaged residents

JPMorgan Chase, Citi, Bank of America, U.S. Bank and Wells Fargo postpone payments

Five banks offer a mortgage reprieve in LA’s fire-ravage areas
Gov. Gavin Newsom, Wells Fargo's Charles Scharf, U.S. Bank's Andrew Cecere, Bank of America's Brian Moynihan, Citi Bank's Jane Fraser and JPMorgan Chase's Jamie Dimon (Getty, Atlantic Council, Wikipedia/LowneyJen, JPMorgan Chase, University of St. Thomas)

Some of the nation’s largest banks are offering mortgage relief for homeowners across fire-ravaged neighborhoods in Los Angeles County.

Bank of America, Citi, JPMorgan Chase, U.S. Bank and Wells Fargo will have a streamlined process, which will not require submitting forms or documents, the Los Angeles Times reported, citing an announcement by Gov. Gavin Newsom.

When the forbearance period ends, there will not be an immediate repayment or late fees, according to Newsom’s office. The 90-day pause on mortgage payments for homes that were destroyed or damaged by the fires will not be reported to credit agencies.

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

Many banks already have policies in place allowing up to three more months of payment forbearance. To participate, homeowners must contact their mortgage provider. 

The ZIP codes included in the mortgage relief program are 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001,91104, 91106, 91107 and 93536.

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The multiple wildfires fueled by 90 mph winds that began on Jan. 7 killed at least 28 people and torched more than 15,000 structures, charring 63 square miles, according to CBS News.

Executive orders issued by Newsom include postponing the tax filing deadline for residents in Los Angeles County to Oct. 15. 

Another executive order allows homeowners to wait until April 2026 to file this year’s property taxes without penalty. Longer deferrals of up to four years are also available by applying to the Los Angeles County Treasurer and Tax Collector.

Newsom’s order to protect fire victims from predatory land speculators makes unsolicited and undervalued offers a misdemeanor offense for three months, according to the Times.  Violations can be reported to the attorney general’s office at oag.ca.gov/report

Dana Bartholomew

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