BOSTON (WHDH) - Mayor Martin J. Walsh announced a mortgage relief partnership with a number of banks to help take the burden of those struggling financially during the coronavirus pandemic.
Twelve lenders, 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, are taking part and plan to offer at least three months of deferred loan payments for homeowners without charging late fees.
“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 Mayor Walsh.
Walsh also said that homeowners will not be required to pay the total amount due in one lump sum.
The banks will devise an affordable repayment plan.
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