HellBill » Hell Bill Area: » Bill Payment » Is it possible to defer a mortgage payment with Bank Of America

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  #1 (permalink)
: These last few weeks, everything that can go wrong has. My husband and I have had a $500 water bill, $600 car repair bill, and a $250 pool pump repair in the last few weeks. We are barely making ends met and all the added stress isn't helping our situation. When I had financed vehicles in the past I had the option of defering a payment for a small fee. I was wondering if the same could be done for a mortgage. We are first time home owners and aren't really sure of our options. Any advice would be greatly appreciated.

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  #2 (permalink)
: Usually not - check the terms of your contract for more info. However, most mortgage contracts have a 15 day grace period where you have until the 15th of the month to make a payment without incurring additional charges. If you can make you payment by then, that may save you some hassle. If you can't make the payment at all, or can just make a partial payment, you need to contact BoA immediately to see if they can make some form of arrangement.
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  #3 (permalink)
: Sorry to hear about everything that's happened! Best of luck getting back on your feet.

Yes, you are able to defer a mortgage payment, which is called a forbearance, due to temporary hardship. You will still have to pay interest, but the payments can be deferred for an agreed upon set period of time with Bank Of America. When the period ends, the lender will work out a repayment that lets you make your regularly scheduled mortgage payments plus pay off the deferred payment or payments over time. Give Bank Of America a call--they'll help you. 1.800.720.3758

If you need more mortgage advice and tips, you can check out our website at lender411 .

Hope this helps!

Lender411
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