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Website: Coronavirus Payment Assistance
From Servicer Website
Is home loan payment deferral or forbearance right for you?
If you are experiencing financial hardship associated with the coronavirus, we can provide payment deferrals or payment forbearances (also referred to as a payment postponement) for up to three months or longer.
Both a payment deferral and a payment forbearance are similar in these ways:
- Your payment due dates are delayed.
- Your payments aren’t forgiven or erased, although we’ll work with you on repayment options.
- There won’t be any late charges.
The owners or insurers of your loan will determine if you get payment deferral or payment forbearance:
- If we own your loan, we may be able to provide you a payment deferral or a payment forbearance.
- The Bank of America Payment Deferral Program is available for customers who have only one payment due on their loan. We’ll defer three payments and extend the term of your loan by three months.
- The Bank of America Payment Forbearance Program is available for customers who have more than one payment due on their loan (for example, one missed payment and one payment currently due). We’ll work with you to understand your specific needs and recommend a forbearance period of three months.
- If a third party owns your loan (e.g. Fannie Mae, Freddie Mac) or if your loan is insured by a third party (e.g. Federal Housing Administration), we will follow their guidelines and offer you a payment forbearance.
- Under a payment forbearance, we’ll work with you to understand your specific needs and recommend a forbearance period of either three or six months.
You can submit your request online for mortgage, home equity line of credit, and/or home equity loan payment deferral or payment forbearance. Or call us to explain your current situation. Please have patience with us since our wait times may be longer than usual.
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