Five major banks are offering up to three months of mortgage payment relief to homeowners in areas devastated by the Southern California wildfires, Gov. Gavin Newsom said Saturday.
In a statement, Newsom's office said banks will have a streamlined process that does not require them to submit forms or documents, and when the forbearance period ends, there will be no immediate repayment or late fees. Lenders will not be notified of the 90-day moratorium on mortgage payments for homes destroyed or damaged by fire, Newsom's office said.
“After so much trauma, we hope this agreement will provide a measure of relief to the thousands of survivors,” Newsom said in a statement. “These financial protections will help residents focus on taking care of their immediate needs rather than worrying about making their mortgage payments.”
Participating banks include Bank of America, Citi, JP Morgan Chase, US Bank and Wells Fargo. Many banks already have policies that allow up to three additional months of payment. To participate, homeowners must contact their mortgage provider. ZIP codes included in the mortgage relief program: 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001,91104, 91106, 991107
Newsom's office said additional responsibilities to help victims of the fire will be announced in the coming days.
As of Saturday, the Palisades and Eden fires had burned more than 11,000 structures and killed at least 27 people. After this weekend's reprieve from dangerous winds, another round of fire weather could arrive next week, forecasters said.
Additional executive orders issued by Newsom extend the tax filing deadline for individuals in Los Angeles County to Oct. 15. Another executive order allows homeowners to You have to wait until April 2026 to file property taxes for this year without penalty. Longer-term deferrals of up to four years are also available Applying to Los Angeles County Treasurer and Tax Collector.
Newsom's order to protect fire victims from predatory land speculators makes unsolicited and undervaluation a misdemeanor for three months. Violations may be reported to the Attorney General's office oag.ca.gov/report.
“As families grieve, the last thing they need are greedy speculators taking advantage of their pain,” Newsom said in a statement Tuesday. “I've heard firsthand from community members and victims who have received unsolicited and predatory offers from speculators offering them money below market value — some while their homes were burning.”
Such offers prompted the SGV Progressive Alliance to announce a protest at 2:30 p.m. Saturday to send a message to developers that Altadena is not for sale, Melissa Michelson said. The protest was scheduled to begin at the corner of Lake Avenue and East Woodbury Road.
“The message for the community to be strong is, don't sell your property to the first buyer that comes your way,” Michelson said. “The concern is the displacement of the neighborhood and the neighbors who have been there for a long time. We don't want the neighborhood to change.
