Several major banks are offering extended grace periods on mortgage payments to homeowners affected by the coronavirus outbreak.
Gov. Gavin Newsom announced in a press conference this afternoon that Wells Fargo, Citi, JPMorgan and US Bank are giving 90-day grace periods to homeowners suffering hardship due to COVID-19.
Bank of America is currently only giving a 30-day grace period, but Newsom said the state is hoping to convince the bank to extend it.
“Families should not lose their homes because of COVID-19. Very pleased that Wells Fargo, Citi, JPMorgan, and US Bank have agreed to a 90 day grace period for mortgage payments for those impacted by COVID-19,” Newsom said in a tweet following his press conference. “A big sigh of relief for millions of CA families.”
More than 1 million Californians have applied for unemployment benefits this month due to layoffs amid the COVID-19 epidemic, Newsom said.
Earlier this month, Newsom already signed an executive order preventing any evictions or foreclosures for people affected by the virus.
