Mortgage and tax relief has been rolled out for California fire victims.
Here's a quick run-down of fire-related relief efforts with links offering more details.
The relief applies to those who live in San Bernardino, Riverside, San Diego, Los Angeles, and Ventura counties in Southern California, federally declared disaster areas where in recent weeks fires destroyed nearly 3,600 homes and charred nearly three-quarters of a million acres -- 740,000.
Among other benefits, HUD will grant a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration-insured homes; work with the Federal Emergency Management Agency to identify vacant housing and HUD-owned properties to be used as temporary shelter; and offer mortgage insurance under its Section 203(h) program to rebuild homes with 100 percent financing, including closing costs.
FEMA also offers unemployment assistance and other aid.
Freddie Mac is encouraging servicers to reduce or suspend mortgage payments for up to 12 months; waive penalties or late fees; not report forbearance or delinquencies to credit bureaus; and expedite the release of insurance claims.
Fannie Mae is giving lenders the discretion to temporarily suspend or reduce mortgage payments; modify the terms of the existing mortgage; and offer mortgage payment workout options, among other relief efforts.
Several lenders, including Bank of America, Wells Fargo, and Washington Mutual, jointly committed $1 million in assistance through the Red Cross.
California's Franchise Tax Board is mirroring many of the Internal Revenue Service's relief efforts, which include offering taxpayers tax deductions for casualty losses to the extent they aren't covered by insurance or other benefits; offering the option to amend filed tax returns with casualty losses or include those losses in their 2003 return (completed in 2004); and offering extended penalty-free time to amend tax returns already filed and other benefits.
Real estate agents, including the California Association of Realtors, launched a foundation to collect assistance funds for victims and waived dues requirements for affected members; the Inland Valleys Association approved a program to provide financial assistance to victims,
launched a clothing drive, and provided office space for the displaced staff of another association; and Coldwell Banker Associates set up a fund to assist displaced associates, staff, and customers.
Published: November 7, 2003
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Broderick Perkins parlayed a career in old-school journalism into a
contemporary digital news service that really hits home.
The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services.
The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home.
Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News.
Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake.
He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications.
In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.
Broderick Perkins parlayed a career in old-school journalism into a
contemporary digital news service that really hits home.