California AB1847 provides mortgage forbearance for borrowers affected by wildfire disasters.

California AB1847 amends the Civil Code to offer mortgage forbearance for borrowers experiencing financial hardship due to wildfire disasters. Mortgage servicers must provide up to 24 months of forbearance, report accounts as current, and offer options to defer repayment. Borrowers must be notified of any curable defects in their forbearance request and given 21 days to cure them. The bill also mandates that mortgage servicers report credit obligations in compliance with the federal Fair Credit Reporting Act.

California AB1847 provides mortgage forbearance for borrowers affected by wildfire disasters.

California AB1847 amends the Civil Code to offer mortgage forbearance for borrowers experiencing financial hardship due to wildfire disasters. Mortgage servicers must provide up to 24 months of forbearance, report accounts as current, and offer options to defer repayment. Borrowers must be notified of any curable defects in their forbearance request and given 21 days to cure them. The bill also mandates that mortgage servicers report credit obligations in compliance with the federal Fair Credit Reporting Act.