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New BofA Rebuild Solution to help Altadena and Pacific Palisades Homeowners Rebuild
As part of its ongoing leadership supporting those impacted by the devastating Los Angeles wildfires, Bank of America today announced new offerings anticipated to help its mortgage clients rebuild their homes.
The Bank of America Rebuild Solution will offer three distinct features for certain qualifying mortgage clients planning on rebuilding their home:
- Extends forbearance by up to two additional years, beyond the current 12-month forbearance period, for clients who plan to rebuild their home;
- Offers a Rebuild Line of Credit expected in February 2026 to help cover rebuilding costs not fully covered by insurance; and
- Preserves the client's current lower interest rate on the underlying mortgage.
"As Los Angeles continues to recover from January's Eaton and Palisades fires, Bank of America is utilizing its experience working through disasters, its capital and connections to help our clients rebuild their homes," said Raul Anaya, Bank of America president of Business Banking and Los Angeles president.
Anaya continued, "This package of solutions helps preserve a homeowner's cashflow through extended forbearance and protects their current lower interest rate while providing additional financing to bridge the gap between their insurance payout and today's costs to rebuild. It's our hope that more Angelenos will opt to stay and rebuild knowing that these options may be available to them."
The wildfires in the Southern California cities of Altadena and the Pacific Palisades destroyed an estimated 13,000 residential properties. Given BofA's 110-year history in Los Angeles and leading market share, about half of those survivors have a financial relationship with Bank of America.
"These are exactly the types of solutions that fire survivors need as we assess our ability to rebuild or not. I commend Bank of America for listening to our needs and working with impacted homeowners and communities to develop resources like these," said Joy Chen, executive director, Eaton Fire Survivors Network.
Today's announcement builds upon the bank's ongoing focus addressing the evolving needs of impacted clients and communities. BofA's initial Client Assistance Program provided early loan payment relief, such as mortgage and credit card forbearance, personalized specialist support, and other relief to impacted clients, businesses and communities. The company will rebuild its destroyed financial centers in Altadena and Pacific Palisades; continues to award grants and provide thought leadership to impacted businesses and nonprofits; and is directing significant capital to CDFIs for ongoing small business and housing relief.
For more information on Bank of America's relief efforts, go to BankofAmerica.com/LARebuild.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters may contact
Colleen Haggerty, Bank of America
Phone: 1.213.621.7414
colleen.haggerty@bofa.com
Susan Atran, Bank of America
Phone: 1.646.743.0791
susan.atran@bofa.com
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SOURCE Bank of America Corporation
