In attempts to aid borrowers who have been affected by the COVID-19 pandemic, 12 of the largest lenders in Boston have agreed to offer qualified borrowers a three-month deferment plan. This development is a result of a plan brokered by Mayor Marty Walsh's administration, according to a report.
"The lenders have also agreed not to report any deferment as a bad loan or to report it to credit-rating agencies as late; and they will not charge late fees on payments or deferments," according to Curbed Boston
What's even more important for borrowers is the fact that they do not have to repay all three months worth of payments at once. They will be repaid in small increments, according to the report. That being said, there will be guidelines that borrowers must follow in order to secure deferment on their loans.
"The lenders have agreed to approve any postponements within 21 days of an application and with a minimal amount of red tape. Borrowers will have to demonstrate that the pandemic has financially impacted them enough to qualify for the deferred payments," accoridng to the report.