The mortgage relief program is designed for homeowners whose houses were damaged or destroyed by natural disasters and are at risk of foreclosure, Newsom said Wednesday, Feb. The proposal will be considered at a board of directors meeting Feb. California homeowners, the U. The mortgage servicers included Ally Financial Inc.
Since then, CalHFA has used the money to support the National Mortgage Settlement Housing Counseling Program, which reimburses counseling sessions for more than 78, households in housing agencies throughout the state. In his announcement, Newsom said the mortgage relief program would not affect the upcoming state budget beginning Oct.
The money would be available to homeowners who lost their homes due to natural disasters since , and would be administered by the CalHFA. Last month, several lenders gave homeowners affected by the L. Bank, and Wells Fargo and state-chartered banks, credit unions, and mortgage lenders offered wildfire victims a day forbearance of their mortgage payments, without reporting these payments to credit reporting agencies, and the opportunity for additional relief.
Those fires — which destroyed over 16, structures — killed 29 people and burned a combined 37, acres in Los Angeles County. The relief program also would be offered to homeowners whose houses were damaged or destroyed from the Franklin fire that burned more than 4, acres in Malibu on Dec. In a related matter, more relief for fire victims came Tuesday, Feb. County Board of Supervisors approved a six-month rent moratorium for tenants and workers affected by the L. By Pat Maio pmaio scng.
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