What are the Making Home Affordable programs?
Programs at a glance
The federal government’s Making Home Affordable (MHA) programs are designed to help homeowners who are struggling to stay in their homes. By participating in these programs, Bank of America is helping to make monthly mortgage payments more affordable for borrowers who have suffered a hardship or have lost significant value in the property due to the current financial crisis. Current MHA programs include:
Home Affordable Refinance
If your mortgage is 80% or more of your home’s value, you may still be able to refinance at a lower interest rate.
Home Affordable Unemployment Program
If you are currently unemployed, you may qualify for suspended payments while you look for new employment.
Home Affordable Modification
If your mortgage payments are more than 31% of your monthly income, you may qualify for a loan modification.
Have an FHA-insured home loan? (How do I know?)
Home Affordable Modification Program Military Modification
If you're a military servicemember having difficulty making your mortgage payments, you may be eligible for assistance, including principal forgiveness.
Home Affordable Second Lien Modification
If you’ve permanently modified your first mortgage under HAMP, help may be available for your home equity loan or home equity line of credit.
Home Affordable Foreclosure Alternatives
If you’re worried about a foreclosure, this government program offers alternatives for settling your mortgage debt.
