Lawyer David Zak, who heads Zak Law Offices PC, has successfully renegotiated mortgages using legislation passed Congress which gave rise to the Home Affordable Modification Program (HAMP) in order to help his clients avoid defaulting on their mortgages. If you have concern that your rights under HAMP or another piece of legislation have been violated by your bank, or you need help negotiating a mortgage loan modification, lawyer David Zak can help.
So what is the Home Affordable Modification Program? HAMP is a federal program that came into existence due to the subprime mortgage crisis that caused the economic recession of 2008. The aim of the program is to assist home owners with loan modification. It was created as part of the Emergency Economic Stabilization Act of 2008. As part of the terms dictated by HAMP, mortgage lenders are granted the ability to form contracts with the U.S. Treasury in order to modify homeowners’ mortgages and receive compensation for doing so. HAMP also strives to ensure that mortgage modification occurs as a uniform process, carefully laying out how this process is supposed to occur as a fair process for all homeowners.