More than 350 financial institutions in California are stepping up to provide mortgage relief to residents affected by the recent wildfires in Los Angeles County.
On January 23, the governor’s office announced that 352 state-approved banks, credit unions, and mortgage lenders will participate in offering relief programs. This initiative comes after major banks, including JPMorgan Chase, Bank of America, Citibank, and U.S. Bank, announced support measures for wildfire victims on October 18, prompting Governor Gavin Newsom’s office to quickly expand the list of participating institutions.
Governor Newsom stated, “To aid residents impacted by these devastating wildfires, the state is working collaboratively with all stakeholders to ensure swift recovery and support.”
The relief programs include a 90-day mortgage payment forbearance, waivers of late fees, protection from reporting late payments to credit agencies, and a minimum 60-day moratorium on foreclosures and evictions. Additionally, borrowers will not be required to make lump-sum payments at the end of the forbearance period.
Among the participating financial institutions are notable names like Bank of California and PennyMac Loan Services, along with Korean-American banks such as Hanmi Bank, PCB Bank, CBB Bank, and US Metro Bank. While not listed, Bank of Hope and Open Bank are also offering similar benefits, with both institutions confirming their commitment to supporting affected customers through personalized consultations and mortgage relief programs.
These benefits are available to residents in specific Los Angeles County ZIP codes, including 90019, 90041, 90049, 90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, and 93536. To access relief, affected residents must contact their financial institutions directly.
The state continues to extend support as it addresses the devastation caused by the Palisades and Eaton fires, which claimed at least 28 lives, burned over 37,000 acres, and damaged or destroyed more than 18,000 homes.
In response to the disaster, Governor Newsom has extended the state tax filing deadline to October 15 and allowed some homeowners to defer property tax payments until April 2026, with up to a four-year forbearance option. Additionally, an executive order has been enacted to protect residents from predatory land purchase offers in affected areas. Violations can be reported to the California Department of Justice.
This coordinated effort underscores the commitment to helping wildfire victims rebuild their lives and protect their financial stability.
BY Hoonsik Woo [woo.hoonsik@koreadaily.com]
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