FAQs

If you are experiencing financial hardship associated with the coronavirus, Bank of America can provide a payment forbearance (also referred to as a payment postponement) for three months or longer:

• Payments are postponed.
• Payments aren't forgiven or erased, although we'll work together on repayment options.
• There won't be any late charges.

We're able to provide you an initial payment forbearance for up to three or six months based on the requirements of the owner or insurer of your loan. After that initial assistance, additional extensions may be available for a total coronavirus payment assistance period of up to a maximum of 18 months based on the owner or insurer and status of the loan.

The Bank of America Payment Forbearance Program

We'll work with you to understand your specific needs and offer a forbearance period of three months. In general, here's how it works:

• After the initial payment postponement, we'll reevaluate the situation with you and if you are still financially impacted by the coronavirus, we may extend the forbearance period for up to a maximum of 18 months based on the status of the loan.
• When the forbearance is complete, we'll work with you on the best solution to repay the postponed payments. Options may include:
  • Repaying the total amount due at the end of the forbearance period
  • Setting up a repayment plan to make up the missed payments gradually while paying the regular monthly payment
  • Modifying the loan to change the terms by extending the term of the loan, lowering the interest rate and/or deferring principal, as needed to achieve an affordable payment
  • Paying the home loan in full
• If payments can be made during the forbearance, please do so.

If a third party owns the loan (e.g. Fannie Mae, Freddie Mac) or if the loan is insured by a third party (e.g. Federal Housing Administration), we will follow their guidelines and offer a payment forbearance.

We'll work with you to understand your specific needs and offer 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 the forbearance period for up to a maximum of 18 months based on the status of the loan.
• When the forbearance is complete, we'll work with you on the best solution to repay the postponed payments. Options may include:
  • Repaying the total amount due at the end of the forbearance period
  • Setting up a repayment plan to make up the missed payments gradually while paying the regular monthly payment
  • Moving the past due 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 balance
  • Modifying the loan by extending its term, lowering the interest rate, and/or deferring principal, as needed, to achieve an affordable payment
  • Paying the home loan in full
• If payments can be during the forbearance, please do so.

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

All you have to do is contact us at 800.669.6650.

If a third party owns your loan, you can also visit:

• Fannie Mae Loan Lookup
• Freddie Mac Loan Look-Up Tool

After your request is processed, the forbearance will begin with the next payment.

• For Bill Pay or transfers through a Bank of America checking or savings account, you'll need to use Online Banking or the mobile app to cancel those payments. Otherwise, they will continue to be processed.
• For auto draft or bill pay from any other financial institution or bill pay service, you will need to contact that provider to cancel payments. Otherwise, they will continue to be processed.
• If the loan is currently enrolled in a Bank of America automated pay plan, you don't need to take action. We won't debit any postponed payments.

If you normally pay property taxes and insurance on your own, keep making those payments when they're due.

• If either your taxes or insurance are not paid on time, we'll make those payments on your behalf. Then, we'll create an escrow account for these payments going forward. If this happens, we'll notify you of any changes and work with you on repayment options.

If the home loan has an escrow account for property taxes and/or insurance, we'll continue to pay those bills.

• If the annual analysis for the account occurs during the time we've postponed payments, you'll receive a notice about the payment changes. After the payment assistance period, we'll work with you on options to pay any escrow shortage that may have resulted. To make any deposits to the escrow account during the payment assistance period, please contact us.

If payments can be made during the forbearance period, please do so. You can also contact your Customer Relationship Manager to discuss your options.

We won't report the account as delinquent while it is on a forbearance plan, although some programs require us to identify the account as being in a forbearance plan.

Home loans clients facing financial hardships related to the coronavirus are encouraged to submit a payment assistance request online or contact the client services team for assistance at 800.669.6650.

• Visit Help with More Bank of America Products
• You can also find information by logging in to Online Banking

General questions can also be answered in our Mobile Banking app by asking our virtual assistant, Erica.

By accepting a payment deferral or forbearance, you are representing that you are experiencing financial hardship due to the coronavirus. As a result, you may not be eligible for new credit obligations with Bank of America during the assistance period.

Submit a request online up to three months prior to the next home loan payment due date if you continue to need coronavirus assistance. The loan may be eligible to receive up to a maximum of 18 months of coronavirus assistance based on the owner or investor and the status of the account.

Once we process the request, we’ll send you a confirmation letter in the mail.

If additional payment assistance is not needed, please be prepared for the resumption of regular payments:

• If payments were previously set up through the Bank of America Home Loan automated pay plan, please contact us to restart those payments.
• If the payments were made through a bill pay or other service, payments will need to be restarted through that service.

If you’re unable to repay the postponed payments, there may be other options available. Please call us at 800.669.6650 to discuss repayment and/or modification options.