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Panel advances bill to extend mortgage forbearance for wildfire survivors amid industry concerns about federal guidelines
Summary
The Assembly Banking and Finance Committee voted to pass AB 238 and refer it to the Assembly Judiciary Committee; the bill would allow wildfire-affected homeowners to request an initial mortgage forbearance for up to 180 days with an option to extend for up to one year.
The Assembly Banking and Finance Committee voted to pass AB 238 and referred the measure to the Assembly Committee on Judiciary after testimony about wildfire damage in Los Angeles County and negotiations with mortgage servicers and federal loan programs.
Assemblymember Harabedian, who authored AB 238, told the committee that whole neighborhoods were “wiped out” by recent fires and that survivors face the risk of foreclosure as they attempt to rebuild. Harabedian said AB 238 would allow borrowers affected by wildfires to request an initial mortgage forbearance for up to 180 days, with the option to extend relief…
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