California Gov. Gavin Newsom (D) said on Saturday that five big banks have agreed to give homeowners who have been affected by the wildfires an extra 90 days to pay their mortgages.
For their part, the banks decided not to tell credit bureaus about these payments. For customers whose homes were damaged in the fires, they are also waiving late fees related to their mortgages for 90 days and protecting them from new foreclosures or evictions for at least 60 days.
Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo all promised to help the government.
“After going through so much pain, we hope this deal will bring some relief to thousands of survivors.” Residents won’t have to worry about paying their mortgage bills because of these financial protections. Instead, they can focus on meeting their instant needs. Officials from Newsom said in a statement, “I thank all of the financial institutions that are offering this help to Californians who are still recovering from this terrible firestorm.”
To get the help, borrowers must call their mortgage servicer. People living in the following Los Angeles County ZIP codes are covered by the deal: 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, and 93536.
The news comes at a time when flames have destroyed a lot of land in the Los Angeles area. As of Sunday evening, 52% of the Palisades fire had been put out. It was the biggest fire. Eighteen percent of the Eaton fire was out.
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