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.