What options does the borrower have in making their payments to Bank of America?
In addition to remitting their payment monthly, Bank of America offers the following two innovative ways for the borrower to remit their payment: 1). PayPlan 24 is a semi-monthly automatic draft service. This service drafts one-half of the borrower’s monthly payment amount from their checking or savings account twice monthly. This payment plan also offers the borrower the option of making a full monthly payment when the second monthly draft is made in order to further buy down the principal of the loan. 2). PayPlan 52 is our weekly automatic draft service. This service drafts one-fourth of the borrower’s monthly payment amount from their checking or savings account each week. PayPlan 52 also provides an Equity Accelerator in which the borrower’s account is drafted the month prior to the payment’s due date. Therefore, after one year, the borrower will have made the equivalent of 13 payments, further reducing principal. *PayPlan/24 and PayPlan 52 require per transaction fees.
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- What options does the borrower have in making their payments to Bank of America?
