Bank Of America Offers Homeowners Relief: Its Mortgage Holders Can Now Pause Payments
Homeowners who are struggling financially due to the coronavirus pandemic may now see some relief—at least if they have a Bank of America mortgage.
According to an announcement from the company early Thursday evening, homeowners with Bank of America mortgages and home equity loans can now defer their payments in the wake of the COVID-19 outbreak.
Mortgage holders will need to request the deferment directly through the bank, and the waived payments will be added to the end of their loan term. There’s no formal word on how many payments can be waived or for how long, and deferments are approved on a case-by-case basis.
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