Bank of America Allowing Borrowers to Defer Mortgage Payments
Bank of America has announced that in addition to pausing evictions, foreclosure sales, or repossessions, the bank is also telling its mortgagees that they can request to defer mortgage payments or payments on other home loan products. The bank will review these requests on case-by-case basis.
The deferred payments would be added to the end of the loan term, and the bank is assuring clients that these measures will not be punitively reported to credit bureaus.
story continues below
loading...story continues above
Clients will also have the option to request payment deferrals on other products, and to request reimbursement or waiving of late and overdraft fees.
Over the past week or two, the Federal Housing Finance Agency enacted a moratorium on foreclosures for houses backed by Fannie Mae, Freddie Mac or FHA mortgages, and those agencies issued guidance to lenders that coronavirus-related hardships qualified for forebearance.
See other articles related to: bank of america, foreclosures, home loans, moratorium, mortgages
This article originally published at https://dc.urbanturf.com/articles/blog/bank-of-america-welcomes-mortgagees-to-seek-payment-deferrals/16622.
Most Popular... This Week • Last 30 Days • Ever

Why condo fees are high in some buildings and low in others can be a difficult questi... read »

When sellers haven't quite lined up their next house before their settlement date com... read »

In this edition of First-Timer Primer, we look into the question of how to determine ... read »

The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »

Here's what you need to know about reporting profit made from the sale of your home.... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro