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Senate panel advances mortgage-forbearance bill for wildfire survivors
Summary
The Senate Committee on Banking and Financial Institutions voted to refer Assembly Bill 238 to the Senate Judiciary Committee after clearing a measure that would let wildfire survivors pause mortgage payments for up to a year without penalties, foreclosure, credit reporting or balloon payments.
The Senate Committee on Banking and Financial Institutions voted to refer Assembly Bill 238, the Mortgage Forbearance Act authored by Assemblymember Harbedian, to the Senate Judiciary Committee after testimony and unanimous committee support.
Assemblymember Harbedian said the Los Angeles wildfires left many residents ‘‘reeling’’ and described AB 238 as providing ‘‘a vital safety net and a uniform process for relief.’’ He said the bill would allow wildfire survivors to temporarily pause mortgage payments for up to a year ‘‘and during that time, they would not…
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