Gov. Gavin Newsom proposes $125M in mortgage relief for wildfire victims

LOS ANGELES -- Gov. Gavin Newsom is proposing $125 million in mortgage relief for the victims of wildfires dating back to 2023.

Note: The video above is from a related report.

The proposal also includes funding to extend counseling services to help homeowners navigate their recovery.

Many residents whose homes were damaged or destroyed face the threat of foreclosure as they struggle to pay their mortgages.

Funding would come from settlement funds California secured from big banks during the mortgage crisis.

The proposal will be considered on Thursday during the California Housing Finance Agency meeting.

MORE: Do you have to pay mortgage/rent if home was destroyed by wildfire?

Do I have to pay a mortgage if my home was destroyed in the L.A. County wildfires? Get the answer to that and other housing-related questions impacting Southern California communities due to the fires.