Home Loan Payment Deferral
& Forbearance
Do you need additional assistance with your home loan payments?
If you need an extension of your current payment assistance, you can submit a request online anytime up to three months prior to your next home loan payment due date.
Learn more about how repayment works
Frequently asked questions about extensions
If you need an additional extension of your current payment assistance, please contact us anytime up to three months prior to your next home loan payment due date. Your Customer Relationship Manager can help you understand your options.
800 669 6650
Monday-Friday 8 a.m.-8 p.m. ET
Learn more about how repayment works
Frequently asked questions about extensions
Request payment assistanceFrequently Asked QuestionsCall us
800 669 6650
800 669 6650 Monday-Friday 8 a.m. - 8 p.m. ETHelp is available in English,
Spanish and many other languages
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 postponements) 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.
Eligibility
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. Extensions may be available after this initial three month period, up to a maximum of 12 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. Extensions may be available after this initial three month period, up to a maximum of 12 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. Extensions may be available after this initial period, up to a maximum of 12 months.
To learn more about mortgage protections and how to safeguard your home and avoid foreclosure, please visit the Consumer Financial Protection Bureau (CFPB).
What happens at the end of my payment deferral or payment forbearance period?
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 payment deferral or payment forbearance. Or we can help you explore your loan modification options.
Call us
800 669 6650
800 669 6650 Monday-Friday 8 a.m. - 8 p.m. ETHelp is available in English, Spanish and many other languages