California law requires banks to let homeowners delay their mortgage payments for up to one year as they recover from the January fires. But that period rapidly is coming to a close, and Los Angeles Mayor Karen Bass says the timeline should be much longer.
On Tuesday, Bass asked mortgage companies to voluntarily extend relief for another three years, which would bring the total forbearance period to four years after the Palisades and Eaton fires destroyed thousands of homes.
“Many impacted residents remain in temporary housing and face mounting financial strain,” Bass said in a news release. “They’re piecing life together while having to negotiate with contractors and wait for insurance claims to come through…