Major Banks Offer California Fire Victims Grace Period on Mortgage Payments

With the largest fires’ forward progress stalled, the focus is shifting to recovery efforts and helping the thousands of affected residents.

This aerial picture shows the remains of oceanfront homes destroyed in the Palisades Fire along the Pacific Coast Highway in Malibu, Calif., on Jan. 17, 2025. Robyn Beck/AFP via Getty Images

Recovery efforts are underway in California weeks after multiple deadly fires erupted in Los Angeles County, and Gov. Gavin Newsom announced a series of private industry agreements and executive orders meant to help residents impacted by the infernos.

Five large lending institutions—Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo—are offering clients affected by the fires a 90-day forbearance on mortgage payments with no late fees.