COVID-19 – What You Need to Know: Mortgage Relief

COVID-19 – What You Need to Know: Mortgage Relief Dear Neighbors, Just a few hours ago, 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. This is great news for both homeowners and families. No one should lose their home as a result of this public health crisis -- particularly when it’s beyond their control. To find out if you are eligible and to take advantage of this relief, please contact your financial institution directly. I would also encourage you to visit this webpage, which details the financial services and assistance being offered by financial institutions during this time. Please continue to monitor the State’s COVID-19 website at covid19.ca.gov for the latest information. My office has also set-up a dedicated webpage on our web site that we are updating regularly with information as we receive it. That page can be accessed here. If you have any questions about this mortgage relief, any other COVID-19 issue, or legislative concern, please contact my office by e-mail at Assemblymember.Gloria@Assembly.CA.Gov or by phone at (619) 645-3090. Above all else, please stay safe and healthy. Sincerely, TODD GLORIA Assemblymember, 78th District