In response to the financial burden that the coronavirus pandemic has placed on millions of homeowners, the federal government and the State of California have taken several steps to provide mortgage relief options for Americans experiencing economic hardship.
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The CARES Act provides relief to all homeowners serviced by federally backed mortgages.
Servicers of federally backed loans are prevented from initiating any foreclosure process for at least 60 days beginning on March 18, 2020.
Mortgage Relief for Homeowners
Requires the servicers of federally backed mortgages to postpone mortgage payments at the request of the borrower, provided the borrower affirms financial hardship due to COVID-19. The postponement must be granted for up to 180 days and extended for an additional period of up to 180 days at the request of the borrower.
Eviction Relief for Renters
For 120 days after the CARES Act date of enactment, landlords with mortgages backed by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae, Freddie Mac, and other federal entities cannot pursue eviction for their tenants. Landlords also can’t charge any fees or penalties related to nonpayment of rent.
Under Governor Newsom’s proposal for mortgage and fee relief, Californians who are faced with financial struggles due to the coronavirus pandemic may be eligible for the following from the financial institutions on this list:
- 90-day grace period for all mortgage payments
- Relief from fees and charges for 90 days
- No new foreclosures for 60 days
- No credit score changes for accessing relief
Click here to learn more about what relief options are available to you in the State of California.
The deadline for filing property taxes did not change, but the Los Angeles County Treasurer and Tax Collector is accepting requests for penalty cancellations if you were unable to pay on time.
Property owners’ affected by the COVID-19 public health crisis must complete and submit a penalty cancellation request online and include a brief statement of how the public health emergency has impacted their ability to make a timely property tax payment. If you cannot submit online, call 213-974-2111.
Find out more here.