Bank of America is furthering the mortgage crisis by failing to implement a mortgage refinance option for homeowners with negative equity in their homes that do not qualify under existing programs.

The Home Affordable Refinance Program (HARP) was designed to help homeowners with negative equity in their homes refinance before foreclosure becomes an option. Bank of America is only offering refinance options under HARP for Bank of America mortgages sold to/owned/guaranteed by Fannie Mae or Freddie Mac. This allows thousands of mortgage customers to be straddled with adjustable rate mortgages or balloon payments because they are unable to get refinancing under Bank of America’s very limited refinance programs.

Bank of America accepted billions in bailout money from the citizens of the United States and while we suffer, their corporation is thriving. Foreclosure doesn’t need to be an option if the right refinancing programs are available. I propose Bank of America expand their mortgage refinance options under HARP to include:

*An elimination of the requirement for the loan to be associated with Fannie Mae or Freddie Mac. All Bank of America mortgage loans should be eligible.
*An elimination of the maximum loan-to-value (LTV) limit for fixed rate mortgages

According to their website, the world’s largest credit union, Navy Federal Credit Union, has already implemented the mortgage refinance options above under HARP. It’s time the nation’s largest bank did the same.

Please join me in telling Bank of America to stop forcing homeowners into foreclosure and bankruptcy. Tell them it’s time to offer solutions that really work! Sign my petition calling on Bank of America CEO Brian Moynihan to expand the mortgage refinance options under HARP.