Home Loan Payment Deferral
& Forbearance

The Bank of America Payment Deferral Program is available for customers who currently have only one payment due on their loan.

We'll defer home loan payments for up to three months. In general, here's how it works:

• We'll defer three payments and extend the term of your loan by three months.
• Interest will accrue during this time period.
• After this initial payment break of three months, we'll reevaluate your situation and if you are still financially impacted by the coronavirus, we may extend your deferral period for up to a total of six months.
• If you're able to make your payments during that time, please do so.

Learn more about taxes & insurance, credit reporting, automatic payments, and more.

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. In general, here's how it works:

• After the initial payment postponement, we'll reevaluate your situation with you and if you are still financially impacted by the coronavirus, we may extend your forbearance period for up to a total of six months.
• At the end of your forbearance program, we'll work with you on how you can make up the postponed payments. Options may include:
  • You pay back the postponed payments at the end of the forbearance period.
  • We set up a repayment plan allowing you to catch up gradually while you are paying your regular monthly payment.
  • We modify your loan which may provide you with alternative ways of paying back the postponed payments through modifying interest rates, extending loan maturity dates, creating lump sum payments due at loan maturity, or other options available based on bank guidelines.
  • Your home loan is paid in full.
• If you're able to make your payments during that time, please do so.

Learn more about taxes & insurance, credit reporting, automatic payments, and more.

Under a third-party payment forbearance, we'll work with you to understand your specific needs and recommend a forbearance period of either three or six months.

• After the initial payment postponement, we'll reevaluate your situation with you and if you are still financially impacted by the coronavirus, we may extend your forbearance period for up to a total of six or twelve months.
• At the end of your forbearance program, we'll work with you on how you can make up the postponed payments. Options may include:
  • You pay back the deferred payments at the end of the forbearance period.
  • We set up a repayment plan allowing you to catch up gradually while you are paying your regular monthly payment.
  • We modify your loan which may provide you with alternative ways of paying back the postponed payments through modifying interest rates, extending loan maturity dates, creating lump sum payments due at loan maturity, or other options available based on bank and investor guidelines.
  • Your home loan is paid in full.
• If you're able to make your payments during that time, please do so.

The exact repayment solution will depend on your specific circumstances at the time, but please know we'll work with you.

Learn more about taxes & insurance, credit reporting, automatic payments, and more.