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s wildfires continue to ravage Los Angeles and surrounding areas, homeowners are facing the daunting prospect of defaulting on their mortgages due to the unprecedented disaster. However, major lenders Fannie Mae and Freddie Mac have offered a lifeline by unveiling mortgage assistance and relief options for affected customers.

    Both government-backed corporations are providing 12-month forbearance plans, allowing struggling homeowners to reduce or suspend their mortgage payments without incurring late fees, foreclosure, or other legal proceedings. Mortgage servicers can also offer a three-month forbearance plan if they believe the home was affected by a disaster.

    "We're committed to supporting homeowners, renters, and communities in need during this challenging time," said Cyndi Danko, Fannie Mae's single-family senior vice president and chief credit officer. Homeowners can apply for a repayment plan, payment deferral, or loan modification after the forbearance period ends to avoid mortgage delinquency.

    Private lenders such as Chase Home Lending and Bank of America are also offering relief options, including three-month forbearance programs that can be extended in three-month increments for up to 12 months. Wells Fargo has pledged $1.3 million from its foundation to support wildfire relief efforts.

    However, homeowners whose homes were heavily damaged or destroyed still face the burden of mortgage payments and property taxes. In some cases, lenders fold property taxes into borrowers' monthly mortgage payments, which can be deposited into an escrow account to pay the county on their behalf by the due date.

    Homeowners who have sustained more than $10,000 in damages may qualify for tax relief if they file a Misfortune or Calamity Relief claim within 12 months of the incident through Los Angeles County Tax Assessor Jeff Prang's office. The wildfires have killed at least 25 people, singed over 40,600 acres, and annihilated upward of 12,300 structures, with the death toll expected to rise as close to 30 people remain missing.