March 26, 2020
To: All SLG Clients and Affiliates:
From: Spencer Scheer
Subject: Update COVID-19 LEGAL IMPACT AND TRENDS Update on Attached Outline : CA Foreclosure Moratorium to go into Effect!
CA Governor Newsom just announced that most CA regulated financial institutions will provide mortgage relief to those impacted by the C-19 crises, including a 60 day foreclosure moratorium on covered loans. Go to https://www.gov.ca.gov/2020/03/25/governor-gavin-newsom-announces-major-financial-relief-package-90-day-mortgage-payment-relief-during-covid-19-crisis/
Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:
Financial institutions will not report derogatory tradelines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for borrowers taking advantage of COVID-19-related relief.
For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.
For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:
Please call or email if you have any questions.
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