Mortgage/Rent Relief

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

Mayor Garcetti has also informed LA county that the public order which includes additional provisions regarding evictions is now being extended to April 19, 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.

You can find more information on these topics as well as the updated public order on the links below.

https://hcidla.lacity.org/covid-19-eviction-moratorium

https://www.lamayor.org/mayor-garcetti-orders-new-restrictions-evictions-announces-indefinite-moratorium-water-and-power

https://www.lamayor.org/sites/g/files/wph446/f/page/file/March232020OrderEllisalcoholparking_0.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 services to protect homeowners and consumers. As of now, Bank of America has only committed to 30 days.

You can find more information on 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 a 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 fee, penalties or extra interest will be accumulated on the mortgage.

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