Five major banks are offering homeowners up to three months of mortgage payment relief in areas devastated by the Southern California wildfires, Gov. Gavin Newsom said Saturday.
In a statement, Newsom’s office said the banks will have a streamlined process that will not require submitting forms or documents and when the forbearance period ends, there will not be an immediate repayment or late fees. The 90-day pause on mortgage payments for homes that were destroyed or damaged by the fires will not be reported to credit agencies, Newsom’s office said.
“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.”
The participating banks are Bank of America, Citi, JPMorgan Chase, U.S. Bank and Wells Fargo. Many banks already have policies allowing up to three additional 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, according to Newsom’s office.
Additional commitments to help those affected by the fires will be announced in the coming days, Newsom’s office said.
As of Saturday, the Palisades and Eaton fires have burned more than 11,000 structures and killed at least 27 people. Following a reprieve this weekend from dangerous winds, another round of fire weather could arrive next week, forecasters said.
Additional executive orders issued by Newsom postponed the tax filing deadline for individuals 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. Violations can be reported to the attorney general’s office at oag.ca.gov/report.
“As families mourn, the last thing they need is greedy speculators taking advantage of their pain,” Newsom said in a statement Tuesday. “I have heard first-hand from community members and victims who have received unsolicited and predatory offers from speculators offering cash far below market value — some while their homes were burning.”
The San Gabriel Valley Progressive Alliance held an “Altadena: Not For Sale” protest Saturday.
(Wally Skalij / Los Angeles Times)
Such offers spurred the advocacy group SGV Progressive Alliance to stage a protest Saturday afternoon to send a message to developers that Altadena is not for sale, said Melissa Michelson.
“The message is for the community to stand strong, not 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’ve been there for so long. We don’t want the neighborhoods to change.”
