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Posted by: thepinetree on 03/25/2020 07:30 PM Updated by: thepinetree on 03/25/2020 07:30 PM
Expires: 01/01/2025 12:00 AM
:

Governor Newsom Announces Financial Relief Package: 90-Day Mortgage Payment Relief During COVID-19 Crisis

Sacramento, CA...Governor Gavin Newsom today announced that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak. “Millions of California families will be able to take a sigh of relief,” said Governor Newsom. “These new financial protections will provide relief to California families and serve as a model for the rest of the nation. I thank each of the financial institutions that will provide this relief to millions of Californians who have been hurt financially from COVID-19.”





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.

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.

Please note that financial institutions and their servicers are experiencing high volumes of inquiries.

###


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2020-03-25 19:52:33   By: Anonymous
 
“The fundamental problem is whether we are going to tank the entire economy to save 2.5% of the population which is (1) generally expensive to maintain, and (2) not productive.” California attorney Scott McMillan in a tweet in support of Trump's plan to call off the "shelter in place" program even if does lead to more infections and deaths.

[Reply ]

    Re:
    Posted on: 2020-03-25 20:15:42   By: Anonymous
     
    All lives matter! However people losing their livelihoods and businesses can make many lives seem unbearable

    [Reply ]

      Re:
      Posted on: 2020-03-25 20:38:02   By: Anonymous
       
      So? Save jobs or lives? Are we saving lives to lose the economy or saving the economy to lose our neighbors?

      [Reply ]

        Re:
        Posted on: 2020-03-25 20:43:08   By: Anonymous
         
        I say save the economy and lose the neighbors who are a pain in the ass.

        [Reply ]

          Re: /\/\neighbors pain in the ass...
          Posted on: 2020-03-26 05:34:40   By: Anonymous
           
          Father forgive them for they know not what they do.

          [Reply ]

      Re:
      Posted on: 2020-03-25 20:41:27   By: Anonymous
       
      These businesses need to open sooner not later. The people that are most vulnerable are the old and people with weakened immune systems. These are the people that should stay in place in their homes not the rest of the healthy population. If you use common sense and wash your hands along with keeping your distance and avoiding crowds your chances of acquiring this virus or any other virus is low.

      [Reply ]

        Re:
        Posted on: 2020-03-25 20:53:55   By: Anonymous
         
        Just nobody need to use the hospital for anything at all either, because it will be too crowded with people you have deemed "sacrifice" drowning in their own lungs.

        Won't someone think of the economy!? Heartless.

        [Reply ]

        Re:
        Posted on: 2020-03-25 23:36:00   By: Anonymous
         
        Hopefully instead of spending, people now start saving that six months of living expenses everyone should have. This has been a good lesson for everyone to become more self sustainable. This virus will most likely come back, maybe far more deadly.

        [Reply ]

          Re:
          Posted on: 2020-03-26 07:34:26   By: Anonymous
           
          Gavin makes me wet. And I'm a guy!!!!! HAHAHAHAHAHAHAHAHAHA

          [Reply ]

            Re:
            Posted on: 2020-03-26 09:45:49   By: Anonymous
             
            That is a sign of COVID 19 interacting with dementia. Good luck.

            [Reply ]

No Subject
Posted on: 2020-05-21 03:56:14   By: Anonymous
 
I have read a lot of content about situations in COVID-19 and this is one of them. I was looking for some easy ways to Pay Off 50,000 in Debt and came across the video here. It was definitely informative to know about the content here.


[Reply ]


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