Mayor Marty Walsh announced that 12 lenders have agreed to offer homeowners with at least three months of deferred mortgage payments if they can demonstrate they have been financially impacted by the public health crisis.
"No person should have to worry about losing their home right now. During these times of global uncertainty, homeowners and renters in Boston can be certain that we are doing everything we can to help ease the burden brought on by this pandemic and give them much-needed flexibility," said Walsh.
The 12 lenders offering homeowners relief are: Bank of America, Boston Private, Cambridge Trust Company, Century Bank, Citizens Bank, City of Boston Credit Union, Dedham Savings Bank, Eastern Bank, Mortgage Network, Inc., Prime Lending, Salem Five Bank, and Santander Bank.
As part of the agreement, lenders have said they will not charge late fees, or report non-payments to credit bureaus. Homeowners will also not be forced to pay the deferred mortgage payments in a lump sum, but instead the financial institutions will work on securing affordable repayment plans.
There will be options for homeowners to extend their loan deferment past three months if needed. The banks have also agreed to a goal of approving deferments within 21 days of an application if essential paperwork is provided by the homeowner, according to a press release.
Other lenders are offering payment deferral periods longer than three months, and homeowners are being advised to contact their servicer directly for more information. The city's Boston Home Center is available to answer any questions and can be reached at 617-635-4663 Ext. 3.