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Senate banking committee forwards AB 238 to judiciary to let wildfire survivors pause mortgage payments up to one year
Summary
At a hearing of the California State Senate Committee on Banking and Financial Institutions, members voted to refer Assembly Bill 238, the Mortgage Forbearance Act, to the Senate Judiciary Committee after a roll call that ultimately recorded seven affirmative votes.
At a hearing of the California State Senate Committee on Banking and Financial Institutions, members voted to refer Assembly Bill 238, the Mortgage Forbearance Act, to the Senate Judiciary Committee after a roll call that ultimately recorded seven affirmative votes.
The bill, authored and presented by Assemblymember Harbidian, would give homeowners affected by wildfires the option to temporarily pause mortgage payments for up to one year. During that period the bill states borrowers would not incur penalties, face foreclosure, have their credit reports harmed or be required to make a balloon payment at the end of the forbearance period. "Without immediate financial relief,…
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