{"id":22988,"date":"2020-03-25T18:22:50","date_gmt":"2020-03-26T01:22:50","guid":{"rendered":"https:\/\/lapost.us\/?p=22988"},"modified":"2020-03-25T18:22:50","modified_gmt":"2020-03-26T01:22:50","slug":"governor-gavin-newsom-announces-major-financial-relief-package-no-new-foreclosures-no-overdraft-fees-during-covid-19-crisis","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=22988","title":{"rendered":"Governor Gavin Newsom Announces Major Financial Relief Package: No New Foreclosures &#038; No Overdraft Fees During COVID-19 Crisis"},"content":{"rendered":"<p align=\"center\"><em>Governor Newsom announces financial institutions will provide relief for vast majority of Californians<\/em><\/p>\n<p align=\"center\">\n<p align=\"center\"><em>Californians economically impacted by COVID-19 may receive 90-day grace periods to make mortgage payments<\/em><\/p>\n<p align=\"center\">\n<p align=\"center\"><em>\u00a0Financial institutions agree not to negatively impact credit reports as a result of accepting payment relief<\/em><\/p>\n<p align=\"center\">\n<p>SACRAMENTO \u2013 Governor Gavin Newsom today announced that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak.<\/p>\n<p align=\"center\">\n<p>\u201cMillions of California families will be able to take a sigh of relief,\u201d said Governor Newsom. \u201cThese new financial protections will provide relief to California families and serve as a model for the rest of the nation. I thank each of the financial institutions that will provide this relief to millions of Californians who have been hurt financially from COVID-19.\u201d<\/p>\n<p align=\"center\">\n<p>Governor Newsom secured support from Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners and consumers.<\/p>\n<p align=\"center\">\n<p>Under the Governor\u2019s proposal, Californians who are struggling with the COVID-19 crisis may be eligible for the following relief upon contacting their financial institution:<\/p>\n<p align=\"center\">\n<p><b>90-Day Grace Period for Mortgage Payments<\/b><\/p>\n<p align=\"center\">\n<p>Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:<\/p>\n<p align=\"center\">\n<ul>\n<li>Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;<\/li>\n<li>Confirm approval of and terms of forbearance program; and<\/li>\n<li>Provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>No Negative Credit Impacts Resulting from Relief<\/b><\/p>\n<p align=\"center\">\n<p>Financial institutions will not report derogatory tradelines (<i>e.g.<\/i>, late payments) to credit reporting agencies, consistent with applicable guidelines, for borrowers taking advantage of COVID-19-related relief.<\/p>\n<p align=\"center\">\n<p><b>Moratorium on Initiating Foreclosure Sales or Evictions<\/b><\/p>\n<p align=\"center\">\n<p>For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.<\/p>\n<p align=\"center\">\n<p><b>Relief from Fees and Charges<\/b><\/p>\n<p align=\"center\">\n<p>For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:<\/p>\n<p align=\"center\">\n<ul>\n<li>Mortgage-related late fees; and<\/li>\n<li>Other fees, including early CD withdrawals (subject to applicable federal regulations).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Loans\u00a0held by a financial institution may be serviced by another company.<\/p>\n<p align=\"center\">\n<p>Please note that financial institutions and their servicers are experiencing high volumes of inquiries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor Newsom announces financial institutions will&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,16,7],"tags":[],"class_list":["post-22988","post","type-post","status-publish","format-standard","hentry","category-ca-local","category-health","category-u-s-a"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22988"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22988\/revisions"}],"predecessor-version":[{"id":22989,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22988\/revisions\/22989"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}