Mortgage/Rent Relief

Renters: They have yet to release information about rental assistance in the state of California. Although, there have been mentions of members reviewing that possibility.

Governor Newsom has informed Californians that the updated executive order includes provisions regarding evictions and is now being extended to May 31, 2020. This means that during this time, no tenant can be evicted from their home when the basis for the eviction is nonpayment of rent or foreclosure due to circumstances presented by the COVID-19 pandemic.

Tenants must notify their landlord in writing (before rent is due or within a reasonable period of time afterwards not to exceed 7 days) that the tenant needs to delay all or some payment of the rent because of the inability to pay due to being affected by COVID-19.

You can find more information on these topics as well as the updated executive order on the link below.

https://www.gov.ca.gov/wp-content/uploads/2020/03/3.27.20-EO-N-37-20.pdf

Owners: Governor Gavin Newsom has announced that financial institutions will provide major financial relief for millions of Californians suffering financially due to being impacted by the COVID-19 pandemic. Some of the Financial Institutions offering the 90 day grace period for mortgage payments are Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners and consumers. As of now, Bank of America has only committed to 30 days.

You can find more information the link below.

https://www.gov.ca.gov/2020/03/25/governor-gavin-newsom-announces-major-financial-relief-package-90-day-mortgage-payment-relief-during-covid-19-crisis/

If needed, we highly encourage you to call your mortgage company to find out if this is a possibility for you or to get more information on eligibility.

Loan under Fannie Mae and Freddie Mac mortgage are supporting borrowers by allowing them to request forbearance on their payments for up to 6 months. Additionally, no foreclosures or evictions from properties with federally backed mortgages can take place during this period.

During this time, interest will still accrue however, no additional fees, penalties or extra interest will be accumulated on the mortgage.

Governor Newsom has extended Penalties and Waivers for property taxes until next May 2021.

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