Bank Of America Offers Homeowners Relief: Its Mortgage Holders Can Now Pause Payments

Dean Athanasia, president of Consumer and Small Business at Bank of America, says the company is doing all it can to provide “additional assistance and support” in the midst of the current national emergency. The bank is also refunding overdraft, maintenance, late and non-sufficient funds fees for its banking and credit card customers. Small business and auto loan holders can also defer their payments.

“This is a real-life benefit,” Cuomo said in a press conference this morning. “People are under tremendous economic pressure. Making a mortgage payment can be one of the No. 1 stressors. Eliminating that stressor for 90 days—I think—will go a long way.” on all FHA-, Fannie Mae- and Freddie Mac-guaranteed loans, and evictions were suspended on properties owned by the Department of Housing and Urban Development on Wednesday. Bank of America has also paused all foreclosures, evictions and repossessions during this time.

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Bank of America will let customers defer mortgage paymentsBank of America is letting customers request to defer payments on mortgages and small business and auto loans in light of the coronavirus pandemic. Sure request.... you realize what the answer will be, right? 🙄 Some body has to watch out for the small businesses footing the bill for leave for their employees.Any company with over 500 employees does not have to pay leave. Once again big bank rides in and happy to defer your $1,000 mortgage and will make an additional $1,100 (30yrs 6% interest) And gov is likely to give them gov bail out for their help. Take it if you need it but it's not free.
Source: CNN - 🏆 4. / 95 Read more »