Bank of America fields 150,000 payment deferral requests, but some customers call mortgage relief 'misleading' (via CNBCMakeIt)
Days after her husband was laid off as a restaurant manager, Rosanne Stoddard waited on hold for over two hours to talk to a Bank of America representative about the possibility of delaying payment on her $2,200 monthly mortgage.
"If you have a cash flow interruption because of your employment, and you need to defer your payment for 30, 60, 90 days, call us up," Bank of America's CEO Brian Moynihan. So far, Moynihan says the bank has had 150,000 deferral requests come in from customers. "I was hoping to defer for at least three months, but we certainly couldn't pay back the suspended payments after the end of three months. We thought the payments would be reworked to the end of the loan, but the rep I talked to was pretty blunt to say that was not an option," Stoffard says. "It was pretty disheartening to say the least."
Bank of America has two different types of mortgage tracks and the relief scenarios vary for each. For clients with loans owned by the bank, Bank of America is offering a month-to-month payment deferral, and those postponed payments can be added to the end of the loan. For those loans, Bank of America says it will follow the investor guidelines, which currently allow three months of forbearance. At the end of three months, customers need to contact Bank of America again to discuss a loan modification. That may include adding the deferred payments to the end of the loan, but the bank could also determine at that point the customer needs to pay the full deferral amount.
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