COVID-19 California Mortgage and Rent Payments
Residential Borrowers – If your loan is with Wells Fargo, US Bank, CitiBank and JP Morgan Chase, these banks will defer your mortgage payments for three months; State chartered banks and credit unions will offer similar deferrals. Bank of America has committed to 30 days, and depending on the length of the crisis, to extend on a monthly basis.
Who is eligible? Everyone, regardless of how much money you make.
What do you need to do? You must submit “some form of documentation,”, check with your borrower for specific phone numbers to call for this disaster relief funding.
A Wells Fargo Borrower stated “Except for the long wait to get through on the phone (1-1/2 hrs) the process took 5 minutes. You just needed your account number, last four digits of your SS#, and for the Line of credit, the original amount of the line. You didn’t have to answer any questions as to how you were affected by the virus situation. Though they (Wells Fargo) didn’t know for sure, they thought the missed payments would simply be added to your loan balance (i.e. there wouldn’t be a lump sum payment required once the deferments stopped). At the moment, I don’t have to make April, May, or June’s payments, and this can be further extended if the situation doesn’t markedly improve.”
Residential Tenants: there is a statewide executive order suspending the enforcement of eviction orders through May 31. The order stops Landlords, Courts and Sheriffs from enforcing eviction orders.
Who is eligible? Renters suffering financially because of COVID-19; is unclear if it also applies to commercial tenants.
What do you need to do? To qualify you must submit a letter on how the outbreak has impacted your ability to pay within seven days of your rent due day. Be sure and keep a copy of your letter and proof of mailing. You will still have to pay what you owe “in a timely manner” to prevent eviction once the order expires.