Borrowers Protection Plan®
Loan protection for unexpected events
If you're already enrolled in the optional Borrowers Protection Plan, you have loan protection that:
- Can cancel, rather than defer, your monthly loan payments (prinicipal, interest and any plan fee) for a specified period of time if your qualifying event meets the eligibility requirements of your plan
- Doesn't restrict your ability to receive Borrower's Protection Plan benefits in addition to benefits you may receive from any active insurance policies or company plans you have
Borrowers Protection Plan® Benefit RequestsThis optional debt cancellation plan was previously made available on many Bank of America first mortgages. It can cancel, rather than defer, your monthly loan payments (prinicpal, interest and any plan fee) for a specified period of time if the protected borrower experiences a qualifying event that meets the eligibility requirements of your specific plan
All existing Borrowers and Line Protection Plans are being terminated effective no later than September 30, 2015.Footnote1 You can still request benefits for qualifying events under the Plan that occur prior to your Plan’s cancellation effective date. The Plan requires that benefits be requested within 365 days of the start of a protected event.
Details about benefit-request eligibility, minimum requirements, deadlines and instructions: