LOS ANGELES - It’s been a while since any of us could find much positive to write about when it came to banks - until now.
Governor Newsom announced that four major banks: Wells Fargo, City Bank, JP Morgan, and US Bank will defer mortgages for homeowners negatively impacted by coronavirus in California. What’s more, they will not report to credit agencies, late payments. With hordes of people signing up for unemployment and no clear end in sight to estate gathering restrictions, the mortgage break would be a great relief to worried homeowners.
The state had already put a stop to evictions, and the Federal government has already been working with Fannie Mae and Federal Mortgage holders on payment relief. None of this is automatic, you will have to contact your bank, but it’s official.
The governor praising all, but Bank of America, saying they would only agree to one month.
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Jessica Oppenheimer, with Bank of America Public Relations, did say that Newsom is being unfair, “We are offering relief on a month to month basis, and it could well be for over 3 months. We are just doing it one month at a time.”
What are people saying about it? Check it out in our story above, and let us know if you have problems getting the help.