90-Day Mortgage Payment Relief for Californians

Governor Gavin Newsom announced that all state-chartered banks, credit unions, and four of the five biggest national banks are offering 90 days of forbearance to their mortgage borrowers. Governor Newsom secured support from Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners and consumers. Bank of America is offering 30 days of forbearance. Forbearance acts as a pause button on your mortgage. Eligible homeowners would be able to defer mortgage payments for at least three months and perhaps longer if they suffer hardship due to the pandemic. Any late payments would not be reported to credit agencies. During a period of forbearance, you do not have to make your regularly scheduled mortgage payments and are not considered delinquent. When your forbearance period ends, you will not be expected to "make up" the missed payments immediately; instead, they will be added on to the back of your mortgage. When forbearance ends, you will be expected to pay your mortgage as if the pause had never occurred.

Under the Governor's proposal, Californians who are struggling with the COVID-19 crisis may be eligible for the following relief upon contacting their financial institution:

90-Day Grace Period for Mortgage Payments

Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:

• Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;
• Confirm approval of and terms of forbearance program; and
• Provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.

No Negative Credit Impacts Resulting from Relief

Financial institutions will not report derogatory tradelines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for borrowers taking advantage of COVID-19-related relief.

Moratorium on Initiating Foreclosure Sales or Evictions

For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.

Relief from Fees and Charges

For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:

• Mortgage-related late fees; and
• Other fees, including early CD withdrawals (subject to applicable federal regulations).

Click here for details on how to apply for relief. Loans held by a financial institution may be serviced by another company.We will update you with more details as soon as they are available. In the meantime, if you choose to call your mortgage company to request forbearance, please have your loan number with you and be prepared for long wait times.

Below you will find more important resources and information to help you and your family combat COVID-19. As you are all aware, this situation is fluid and ever changing. As more information becomes available, we will share with you. Please feel free to contact our office if you have any questions or concerns.

Employment

• Unemployment Insurance, Disability & Paid Family Leave
• WorkSource Centers
• YouthSource Centers
• Job Openings
• CVS, Amazon Among Companies Looking to Hire Due To COVID-19 Outbreak

Small Business Resources

• Los Angeles Small Business Resiliency Tool Kit
• Small Business Administration (SBA) disaster loans
• L.A. City's Small Business Microloan Program

Nutrition and Meal Services

• Feeding America Master Listing (United States)
• LA Regional Food Bank
• 60 LAUSD Grab & Go Food Centers for K-12 students
• LA West Side Food Pantries
• LA Meals on Wheels 
• LA City/County Elder Nutrition Program

Local Resources

• City of Carson
• City of Compton
• City of Los Angeles
• City of Long Beach

For more resources and information on COVID-19:

• COVID-19 Los Angeles Community Mass Resource List: link
• CA COVID-19 Response Website: link
• California Department of Public Health: link
• Centers for Disease Control: link
• California Governor's Office of Emergency Services: link
• Labor Workforce and Development Agency: link
• Senate Democrats Focus Page: focus.senate.ca.gov/covid-19
• Tips for prevention: English | Spanish

Please remember:

• Stay home unless going out for essential services.
• Wash hands with soap and water for at least 20 seconds.
• Clean your hands often with an alcohol-based hand sanitizer that contains at least 60% alcohol.
• Avoid touching eyes, nose or mouth with unwashed hands.
• Cover your nose and mouth with a tissue when coughing or sneezing. Discard tissue and wash your hands.
• Avoid close contact with people who are sick.
• Stay home and do not come to work if you are sick with respiratory symptoms like fever and cough.

Sincerely,

Senator Steven Bradford
Representing the 35^th District

Please watch my Coronavirus Public Service Announcement above.