Extended Wildfire Mortgage Forbearance Period Passes Assembly Over Opposition

Assembly Bill 1847 (Harabedian) encountered opposition from lenders, yet passed the Assembly on a vote of 49-18 with the support of labor unions, L.A. County and the Consumer Attorneys of California. ​

The legislation extends the period of mortgage forbearance under the existing wildfire forbearance law from 12 to 36 months and extends the latest possible deadline for a borrower′s request for forbearance to January 7, 2029. Unless it’s otherwise prohibited, a mortgage servicer must offer the borrower the option to defer repayment of forborne amounts to the end of the loan term, through a loan deferral or comparable loss mitigation option.