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.
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.
This article originally published at https://dc.urbanturf.com/articles/blog/bank-of-america-welcomes-mortgagees-to-seek-payment-deferrals/16622.
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