California Governor Gavin Newsom is advocating for a new disaster mortgage relief program aimed at assisting individuals affected by recent wildfires. The plan utilizes $125 million from settlement funds from the 2008 mortgage crisis to help homeowners who have suffered damage or loss of their homes due to disasters occurring since January 1, 2023. Newsom emphasizes the need to alleviate the stress of foreclosure for wildfire survivors, allowing them to concentrate on their recovery efforts. Additionally, the proposal includes an extension of existing recovery resource programs without requiring a state budget increase.
“As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds,” Newsom said in a statement.
He said that upon approval he would announce further details about eligibility. The program would not require more money be added to the state budget.
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