A bill has been introduced in the California state legislature, the Mortgage Deferment Act, that would let those impacted by the wildfires get a minimum of 180 days forbearance and foreclosure protections.
As currently written, the borrower can request up to an additional 180 days. The bill also prohibits mortgage servicers from starting or executing on a foreclosure.
"My neighbors are
Along with this bill, designated AB 238, Harabedian also introduced AB 239, looking to create the "State-Led Disaster Housing Task Force."
Assemblymember Jacqui Irwin, D.-Thousand Oaks, is a joint author of both bills, which were introduced on Jan. 13.
Harabedian represents Altadena, while Irwin's district includes Pacific Palisades.
Subsequent to the bill's introduction, Gov. Gavin Newsom announced agreements with five major lenders and then 270 state-chartered institutions for a 90-day forbearance period.
"Today's announcement by federal and California-based lenders helps provide survivors with the time and relief to address their immediate needs, rather than worrying about paying mortgage bills," Newsom is quoted as saying in a Jan. 23 press release from Harabedian's office.
Prior to the start of hurricane and wildfire season, on July 17
Most private-label rated securitizations have loans written to government-sponsored enterprise seller guidelines for insurance coverage, which requires replacement cost value homeowners policies.
"While these programs offer vital support to affected homeowners, they can also impact the payment performance of PLS transactions if present in significant concentrations," a Kroll Bond Rating Agency report on the wildfires' impact said.
AB 238 may be heard in committee on Feb. 13, the website for the California state legislature said. No companion bill has been introduced in the State Senate at this time.
Another concern for homeowners in disaster areas is deed theft.
Scammers have been known to forge documents and steal personal information in order to take ownership of a property, as
EquityProtect is working with Pacific Coast Title, an agency in California to offer free protection for those affected by the wildfires from title theft.
"Those impacted by the California wildfires have experienced unimaginable devastation," said EquityProtect CEO Ryan Marshall in a press release. "It's a sad fact that natural disasters often lead to a surge in real estate fraud, and our technology can ensure that these victims are protected from any further financial losses as they work to recover from this disaster."
Both companies are offering wildfire victims free title protection for one year, providing consistent monitoring of their property address to prevent any fraudulent activities that signal an attempt to steal the home's title or equity.
EquityProtect is providing its two-factor authentication technology to safeguard a property title from unwarranted claims.
