California homeowners delaying mortgage payments due to wildfires face increased bills as forbearance ends.
California homeowners affected by recent wildfires can take advantage of mortgage forbearance, allowing them to temporarily pause or reduce their payments. However, they may face significant increases in their bills once the forbearance periods end due to accumulated interest and deferred payments.Why It MattersThe ongoing wildfires in California, including the recent Los Angeles wildfires, have destroyed over 12,000 homes and structures.
What People Are SayingAlex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: 'Sadly, even if your mortgage goes into forbearance, interest will continue to accrue. For victims of the fires, obviously the last thing you want to have to deal with is mortgage payments on a property that's no longer there.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How homeowners can cancel the dreaded private mortgage insurance feeIf you bought your home using conventional financing, putting less than 20% down, you undoubtedly had to purchase private mortgage insurance or PMI.
Read more »
Mortgage Lender Impersonation Scam Targets Homeowners NationwideThe Federal Communications Commission (FCC) has issued a consumer alert warning of a sophisticated scam targeting homeowners across the United States. Fraudsters impersonate mortgage lenders, exploiting homeowners' vulnerabilities and financial distress to defraud them of substantial sums.
Read more »
California Homeowners Face Soaring Insurance CostsHome insurance premiums are skyrocketing in California, forcing residents like Carolina Villaseca to switch providers. Despite living in a safe area, Villaseca saw her insurance costs increase by over 200%. This issue is causing widespread concern and skepticism towards proposed regulation reforms aimed at making insurance more affordable.
Read more »
California Allows Insurers to Pass on Reinsurance Costs to HomeownersA new regulation in California allows insurance companies to charge higher premiums to cover the increasing costs of reinsurance due to catastrophic wildfire risks. This move aims to stabilize the state's home insurance market and encourage insurers to remain active in wildfire-prone areas.
Read more »
California wildfires: How homeowners can receive financial helpProperty owners whose homes or buildings were damaged or destroyed by this week's extreme windstorms and wildfires may qualify for temporary tax relief.
Read more »
California wildfires: List of workshops in LA to help homeowners with insuranceThe California Department of Insurance has scheduled multiple workshops to help homeowners understand their insurance policies and guide them through the claims process, officials said.
Read more »