Home | Newsletter | Advertise
loading...

Bank of America Allowing Borrowers to Defer Mortgage Payments

  • March 20th 2020

by Nena Perry-Brown

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.

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.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse