Bank of America to offer mortgage relief during coronavirus crisis

The payments will then be added to the end of their loan

The coronavirus crisis is causing many people to suffer hardships, especially when it comes to finances.

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Bank of America is taking steps to ease the burden on mortgage holders.

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In a statement, the bank said it is extending “additional support for consumer and small business clients experiencing hardship from the impact of the coronavirus.”

That Includes the ability to defer mortgage payments.

Bank of America mortgage and home equity customers can request to defer their payments.

HOMEOWNERS TAKE ADVANTAGE OF LOWER RATES TO REFINANCE

The payments will then be added to the end of their loan.

Customers just need to remember that they will have to make those payments eventually.

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BACBANK OF AMERICA CORP.21.60-1.12-4.93%

“Our clients rely on us every day and for every aspect of their financial lives,” said Dean Athanasia, president of Consumer and Small Business at Bank of America. “We’re going to continue to provide convenient access to the important services they count on, and the additional assistance and support they need during this difficult period.

The bank will examine each request on a case-by-case basis.

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In addition, Bank of America said customers can also defer payments on things like small business and auto loans as well as credit card payments.