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:
If you do not have enough equity to qualify for traditional refinancing, you may still be able to refinance at a lower interest rate.
If you are currently unemployed, you may qualify for suspended payments while you look for new employment.
If you cannot afford your monthly mortgage payments due to a financial hardship, you may qualify for a loan modification.
If you are a military servicemember having difficulty making your mortgage payments, you may be eligible for assistance, including principal forgiveness.
If you have permanently modified your first mortgage under HAMP, help may be available for your home equity loan or home equity line of credit.
If you are worried about a foreclosure, this government program offers alternatives for settling your mortgage debt and benefits such as relocation assistance.
NOTE: The application deadline for the Home Affordable Unemployment Program is September 30, 2016. For applications received after September 30, 2016, the Unemployment Program will no longer be available.
The application deadline for the Home Affordable Modification Program, the Home Affordable Military Modification Program, the Home Affordable Second Lien Modification Program, and the Home Affordable Foreclosure Alternatives Program is December 30, 2016. For applications received after December 30, 2016, these programs will no longer be available.