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Home Loan Assistance Solutions

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Bank of America is working closely with homeowners and the federal government to help keep people in their homes. Here’s a brief overview of the programs that may be available to you.

Refinance

Are you looking to change your adjustable-rate mortgage to a steady fixed rate, or lower your monthly payments?

First, you should find out if you qualify for a standard refinance. It can help lower your monthly payments and stabilize your rate1.

1Refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation.

To be eligible, you must meet these minimum requirements:
  • You have at least 10% equity built up in your home
  • You are current on your mortgage payments
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Home Affordable Loan Modification

Are you finding it difficult to make your mortgage payments, or have you already missed one or more payments?

This initiative, announced by the federal government, helps homeowners who are finding it difficult to make their mortgage payments. Under this program, Bank of America will review your current financial situation to determine whether we can help you modify your mortgage. There are no fees associated with this program.
To be eligible, you must meet these minimum requirements:
  • The home is your primary residence.
  • The amount you owe on your first mortgage is less than $729,750
  • You received your mortgage before January 1, 2009
  • The monthly payment on your first mortgage is more than 31% of your current monthly gross income (defined as your total income before taxes).
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Home Affordable Refinance

Are you unable to refinance to a lower interest rate because your mortgage balance is larger than the value of your home?

The Making Home Affordable Program may also be able to help you refinance your home. If you don’t qualify for a standard refinance due to a number of factors such as lowered home value, this program can help.
To be eligible, you must meet these minimum requirements:
  • Owner of a single-family home, or the owner of a unit in a two- to four-unit multi-family home.
  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac.
  • You have not missed any monthly mortgage payments.
  • Your current loan-to-value ratio is 125% or lower. You can calculate your LTV on the right if you aren’t sure.
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Home Affordable Refinance

If you have questions about your home equity account, please call us for help exploring possible solutions that may be right for you. Call us today at 1.800.720.3758.

If you are having trouble keeping up with your home equity loan or line of credit payments, we may be able to get you back on track with:
  • Repayment plans up to 12 months.
  • Extensions from 1-3 months.
  • Modifications to the rate, term and monthly payment of your loan or line of credit.
Learn More»

HOMEOWNER COUNSELING SERVICES

HOPE NOW

HOPE NOW Alliance provides debt management assistance to borrowers and foreclosure counseling to homeowners in need. An independent, non-profit counselor can help you understand your situation, identify your options and help you work with your mortgage company to hopefully find an alternative to foreclosure. Learn More

Housing and Urban Development (HUD)

HUD is a U.S. government agency that works to increase home ownership and supports homebuyers. HUD offers free or low-cost counseling throughout the country. Learn More

2This calculation is for informational purposes only, is based upon unverified information you provided at our website and should not be construed to mean that you qualify for a Home Affordable Modification Program loan modification. We are required to consider other factors in assessing whether you qualify for the Home Affordable Modification Program.