Bank of America Offers New Mortgage Relief for L.A. Wildfire Survivors

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 has 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.

Raul Anaya

“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. “This package of solutions helps preserve a homeowner’s cash flow 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.

The announcement builds upon the bank’s ongoing focus on 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.

Information for this article was sourced from BofA. For more information on Bank of America’s relief efforts, go to Bank of America LARebuild.