Assemblymember Harabedian’s Mortgage Forbearance Act Signed into Law
(SACRAMENTO, CA) – Today, Assemblymember John Harabedian’s (D-Pasadena) Mortgage Forbearance Act, has been signed by Governor Gavin Newsom.
AB 238, the Mortgage Forbearance Act, provides essential relief to survivors of the Los Angeles Fires by allowing a pause on mortgage payments for up to a year. Fire victims entering into forbearance will not face any penalties or credit damage during the pause in payments. Importantly, the bill also prohibits lenders from requiring lump sum payments at the conclusion of the forbearance period, allowing homeowners to focus on rebuilding.