Within the last 9 months, California has twice recorded its’ largest wildfire in the state’s history. In December of 2017, the Thomas fire rated the largest burn at 281,893 acres spanning Santa Barbara and Ventura counties only to be surpassed just 8 months later by the current largest circumference of 283,800 acres in Northern California in Mendocino County. This information reported days ago by Cal Fire Representative.
In response to the devastation of the California wildfires, state agencies and Fannie Mae and Freddie Mac have issued several notices and alerts:
The Department of Insurance has made a declaration of emergency to expedite swift action in concern for those insured. A notice was also sent to insurers that all claims adjusters must be properly trained on the California Unfair Practices Act.
Attorney General Consumer Alerts remind us of the potential threat and also consequences regarding potential price gouging by opportunistic vendors and servicers. California law generally prohibits charging a price that exceeds the price of an item before a state or local declaration of emergency by more than 10%.
Department of Real Estate:
The Department of Real Estate is committed to investigating all complaints against real estate licensees who may be participating in rent gouging in connection with the wildfires.
Fannie Mae and Freddie Mac- Homeowners impacted by the fires are eligible to have mortgage payments deferred for up to 12 months or reduced. During this time, affected home owners will not incur late fees or be subject to delinquency reporting to the credit bureaus.