Bank of America loan modification program is for all those Homeowners who are encountering difficulties due to bad credit history and thus unable to meet their liabilities. Problems pertaining to foreclosure can be eased out completely with the assistance of these loan modification programs. This programs aims at revising all the terms related to loans through negotiation between homeowner and lender. home mortgage loan quotes ARM: For the first three years the rate of interest is fixed, and then, modifications in the same are done in every year for the rest of the life. In this case, the installment and rate of interest may change as per the situation of the market.