Krasker Law Student Loans

Paul A. Krasker, Esq. founded the Law Office of Paul A. Krasker, P.A. on July 1, 2009 and previously was a name sharehold within the commercial department of the law firm of Moyle, Flanigan, Katz, Breton, White & Krasker, P.A. in West Palm Beach. Mr. Krasker practices in the areas of real property, business and general corporate law. His corporate practice centers on counseling businesses on entity...

HAMP: Know Your Options

HAMP, an acronym for the government mortgage assistance program, Home Affordable Mortgage Program, was enacted in 2009 in response to the mortgage housing crisis. It’s aim was, and still is, to assist distressed homeowners in foreclosure prevention, and to avoid mortgage default.

HAMP is a government funded loan modification program that helps homeowners lower their monthly payment into a more affordable rate. Those who find themselves struggling to make mortgage payments due to the recent economic downturn can apply for HAMP.

The following is an overview of HAMP eligibility criteria:

• Mortgage must have been obtained on or before January 1, 2009.
• Homeowner must only owe up to a certain amount based on whether or not the home is a single family, multi-unit, etc.
• Property can be primary residence, or a rental property, but cannot be condemned.
• Homeowner must display a financial hardship, but also have documented income that can support an ability to pay a modified payment.
• Homeowner has not been convicted of certain felonies in the last 10 years.

As of June 1, 2012, the program was also modified to allow eligibility for even more homeowners, in some cases including those who had previously received a HAMP loan modification and defaulted.

HAMP modifications are still available and homeowners are receiving approvals every day using these programs. For more information about the specific eligibility criteria, click here.

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