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I have a Home Equity Line of Credit (HELOC) or second mortgage. Does the National Homeownership Retention program apply to that loan?

April 26, 2017HELOC home equity homeownership line of credit loan National program retention second mortgage

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I have a Home Equity Line of Credit (HELOC) or second mortgage. Does the National Homeownership Retention program apply to that loan?

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No, the NHRP does not cover HELOCS or second mortgages. If you have a HELOC or second mortgage with Bank of America Home Loans, we will review it when we review your first mortgage. If your HELOC or second mortgage is with another lender, you will need to discuss your options with that lender. If your first lien is held by an investor other than Bank of America or one of its subsidiaries and you have a second lien on the property, we are unable to consider your first lien for modification under the new programs, but we will review your eligibility for another solution using HAMP or our proprietary modification programs.