Homeowners who are struggling financially due to the coronavirus pandemic may now see some relief—at least if they have a Bank of America mortgage.
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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