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Banks extending grace period for mortage payments for homeowners hit by COVID-19

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California Gov. Gavin Newsom updates the state’s response to the coronavirus, at the Governor’s Office of Emergency Services in Rancho Cordova Calif., Tuesday, March 17, 2020. (AP Photo/Rich Pedroncelli, Pool)

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.

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