Governor Gavin Newsom proposed a multi -million dollars mortgage set for victims of recent natural disasters on Wednesday, especially fires It swept the County of Los Angeles last month.
Under the plan, which must be approved by a State Council, more than $ 100 million would be available in direct compensation for people at risk of foreclosure. $ 25 million additional dollars would help finance mortgage advice and help people navigate assistance in the event of a disaster.
The rescue package would be funded by a mortgage regulation reached by the Atty of California of the time. General Kamala Harris with the high lenders following the great recession, not the state budget, according to the Newsom office. California Housing Finance Agency oversees these funds and its board of directors is expected to debate the proposal on Thursday.
Such money could be criticized for many in the County of Los Angeles. The fires of last month destroyed or seriously damaged more than 12,000 houses, but did not have the obligation that the owners must pay their mortgages.
Consequently, many people are in hung for not only a mortgage on a at home destroyedBut also rent for temporary accommodation. Insurance Payments can help cover these costs, but there are concerns that will not be sufficient, especially for under-assured people.
Mortgage loss would not be limited to fires in Los Angeles. To qualify, the owners should have their property destroyed or substantially damaged by an emergency declared since January 1, 2023.
“While survivors heal the trauma of recent disasters, the threat of foreclosure should be the last thing in the lead,” Newsom said in a statement. “This mortgage program in the event of a disaster would help to note this burden and give families more time to focus on recovery.”
In the meantime, temporary help is available.
Newsom had previously announced agreements with several large banks and hundreds of lenders with state characteristics to provide a rationalized process to fire victims to receive a 90 -day break on their mortgage payments.
An invoice Subject to the state's legislature would also allow people with financial difficulties linked to the fire to delay up to one year of mortgage payments.
