As COVID-19 wreaks havoc on our economy, so many individuals and families are struggling financially. The State of California has initiated various financial assistance programs to try to mitigate financial losses.
For eligible financial hardships, renters who cannot pay their rent, cannot be evicted through May 31, 2020.
Relief from financial institutions
90-day grace period for all mortgage payments
Many financial institutions are offering mortgage payment forbearance up to 90 days. You can go to the various financial institutional websites to research their various programs.
Relief from fees and charges for 90 days
For at least 90 days, financial institutions will waive or refund mortgage-related late fees and other fees including early CD withdrawals.
Financial institutions will not start any foreclosure sales or evictions for 60 days.
No credit score changes for accessing relief
If you receive COVID-19 financial relief, financial institutions are not supposed to report to credit reporting agencies for late fees or missed payments.
Go to covid19.ca.gov for valuable and updated information in regard to financial assistance.