California Governor Gavin Newsom has proposed a significant mortgage relief package exceeding $125 million to assist homeowners impacted by recent natural disasters, particularly the devastating wildfires in Los Angeles County. The plan allocates over $100 million for direct mortgage assistance to individuals facing foreclosure due to property damage from emergencies declared since January 1, 2023. Additionally, $25 million is designated for mortgage counseling services. Funded through previous settlement funds from the Great Recession, the program, pending approval, aims to alleviate the financial burden on disaster survivors as they work toward recovery.
As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds. This disaster mortgage relief program would help lift this burden and give families more time to focus on recovery.
This mortgage relief package totaling over $125 million aims to assist those who have experienced severe property losses due to recent natural disasters.
Funding for the relief package would come from existing settlement funds that resolved past misconduct allegations against mortgage servicers during the Great Recession.
If the plan is approved, CalHFA will administer the funds, providing crucial support for homeowners facing foreclosure due to disaster-related hardships.
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