Under a new Senate bill, survivors of natural disasters would be eligible for six months of mortgage relief without accumulating interest or penalties if they have federally backed loans.
The Mortgage Relief for Disaster Survivors Act was introduced Thursday by Sens. Adam Schiff of California and Michael Bennet of Colorado, both Democrats whose states have been devastated by wildfires in recent years.
The measure would apply to homeowners in areas declared disasters since Jan. 1. Borrowers could apply for six-month extensions after the initial six-month time period expires.
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