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COVID-19 What You Need to Know: Mortgage Relief

The Governor Gavin Newsom announced mortgage relief for Californians impacted by COVID-19.

Wells Fargo, U.S. Bank, Citigroup, and JP Morgan Chase have all agreed to a 90-day grace period on mortgage payments for those impacted by COVID-19. Another 200 banks within the State have also committed to forbearance.

Additionally, late payments will not be reported to credit agencies for those taking advantage of this COVID-19-related relief and financial institutions will not initiate foreclosure sales or evictions for at least 60 days.

There is no income requirement, but property owners will have to provide evidence that they have been affected by COVID-19.

Source: assembly.ca.gov

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