Mortgage forbearance: state of emergency: wildfire.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill extends mortgage forbearance options for homeowners impacted by wildfires in California. It increases the maximum forbearance period from 12 months to 36 months and requires that the property securing the loan be uninhabitable due to the disaster. Additionally, it allows borrowers to defer repayment of forborne amounts until the end of the loan term. The bill also clarifies disclosure requirements and addresses potential perjury charges.
Key provisions
- Extends mortgage forbearance period to 36 months.
- Requires property to be uninhabitable for forbearance.
- Allows borrowers to defer repayment of forborne amounts to the loan term.
- Requires mortgage servicers to offer a loan deferral option.
- Extends the deadline for requesting forbearance to January 7, 2029.
- Clarifies disclosure requirements for forbearance grants.
- Addresses potential perjury charges related to the forbearance process.
- Specifies how delinquent accounts should be reported during the forbearance period.
Who is affected
- Homeowners
- Mortgage Borrowers
- Mortgage Servicers
- Financial Institutions
- California Residents affected by wildfires
Notable changes
- Extends the maximum forbearance period from 12 to 36 months.
- Adds a requirement that the property be uninhabitable to qualify for forbearance.
Bill text
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Sponsors
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4 on record
Primary sponsor
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