Bank Of America Offers Coronavirus Relief To Bank of America Mortgage Customers
Bank of America mortgage customers affected by the Coronavirus will be getting a break. The bank announced Thursday afternoon it was offering relief for consumers and small business clients impacted by the coronavirus.
According to the bank, Bank of America mortgage and home equity customers can request to defer their payments for up to 6 months while the virus crisis rages. The bank would then add the mortgage payments to the end of their loan.
Basically, borrowers can get a break on their payments but will have to make those payments eventually.
Bank of America stated the payment deferral will be available on a case-by-case basis. The bank stated the payment deferral program can also be extended on a month-to-month term.
However, customers seeking relief must be current on their loan payment up until the time the hardship began to qualify.
Bank of America said that you will have to prove you were directly impacted by the pandemic. For example, let’s say you were laid off as a restaurant manager on March 18th as a result of a statewide shutdown. However, you made your March mortgage payment. Then you would be eligible for relief with the April payment.
The bank stated the policy only applies to loans held by Bank of America. The relief plan does not cover mortgages backed by Fannie, Freddie, and FHA. If you do have a Bank of America mortgage backed by these agencies, BofA encourages you to contact them anyway.
BofA also stated they will not report the missed payments to credit reporting bureaus.
The bank is also pausing foreclosure actions, evictions, and repossessions.
Bank of America Mortgage Customers Aren’t The Only BofA Customers Getting Relief From BofA
Beyond that, the bank is taking several other non-mortgage-related steps, including:
- Consumer and Small Business clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
- Consumer and Small Business credit card holders can request to defer payments and refunds on late fees.
- Small business loans: clients can request to defer payments, refunds on late fees.
- Auto loan customers can also request to defer payments with payments added to the end of the loan.
All of these options are also available on a case-by-case basis.