Home Loan Payment Deferral
& Forbearance
Do you need additional assistance with your home loan payments?
Were you in a deferral or forbearance program?
Tip: You were in a deferral program if your loan is owned by Bank of America and your monthly payments during your deferral period were moved to the end of your loan, extending its term. All other programs are forbearance.
If you need additional help with your home loan payments, 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
If additional payment assistance is not needed, please be prepared for the resumption of regular payments:
- If you previously set up the payments to be made once a month using the Bank of America Home Loan automated pay plan, we’ll restart the automated payments.
- If the payments were made using the Bank of America Home Loan automated pay plan more than one time per month or through a bill pay or other service, payments will need to be restarted through that service.
When your forbearance period ends, we’ll work with you on how you can make up the missed payments. Options may include:
- Repaying the missed payments at the end of the forbearance period
- Setting up a repayment plan that allows you to make up the missed payments over a period of time while paying your regular monthly payment1
- Moving your missed payments into a deferred balance fully due upon the maturity date of the loan or earlier upon the sale or transfer of the property, refinance of the loan, or payoff of the interest-bearing unpaid principal balance2
- Setting up a modification that may change your loan to reduce your monthly payment by reducing the interest rate or extending the term of your loan.
Learn more about your options once your forbearance period has ended.
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 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 18 months based on the status of your loan.
- 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 18 months based on the status of your loan.
- 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 three month period, up to a maximum of 18 months based on the status of your loan.
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 assistance period, 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 other 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