Lawyer David Zak: Home Affordable Modification Program Helps Adjust Mortgages

David Zak, a Massachusetts lawyer, has negotiated more than 400 loan modifications under the federal Home Affordable Modification Program (HAMP) since 2009. He assists clients as president of Zak Law Offices PC, a premier mortgage modification practice located in Revere, Massachusetts.

A program run by the federal government, HAMP assists eligible, employed homeowners experiencing difficulty in making their mortgage payments. Through the program, individuals may be able to get lower monthly payments that promote the long-term sustainability of the financial relationship between them and their lenders.

In the summer of 2012, the Obama administration decided to increase the number of people eligible for HAMP. The newly included people comprise those who apply for a loan modification on a non-primary residence rented to others or intended to be rented to others. Furthermore, homeowners who did not qualify under the old rules on account of a debt-to-income ratio of 31 percent or lower now may qualify. The new rules also allow homeowners who defaulted on payments during a trial period with HAMP to seek help through the program.

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