**SECTION      302 CERTIFICATION**

| 1. |   | I have reviewed this Quarterly Report                  on Form                  10-Q of Franklin Credit Management                  Corporation; |
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| 2. |   | Based on my knowledge, this report                    does not                    contain any untrue statement of a material fact or omit to state                    a                    material fact necessary to make the statements made, in light                    of the                    circumstances under which such statements were made, not misleading                    with                    respect to the period covered by this report; |
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| 3. |   | Based on my knowledge, the financial                      statements, and other financial information included in this                      report,                      fairly present in all material respects the financial condition,                      results                      of operations and cash flows of the registrant as of, and for,                      the periods                      presented in this report; |
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| 4. |   | The registrant’s other certifying officer(s)                        and I are responsible for establishing and maintaining disclosure                        controls                        and procedures (as defined in Exchange Act Rules 13a-15(e)                        and 15d-15(e))                        for the registrant and have: |
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|   | (a) | Designed                such disclosure controls and procedures, or caused such disclosure                controls and procedures to be designed under our supervision, to                ensure                that material information relating to the registrant, including its                consolidated subsidiaries, is made known to us by others within those                entities, particularly during the period in which this report is                being                prepared; |
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|   | (b) | [Intentionally                  omitted.]; |
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|   | (c) | Evaluated                the effectiveness of the registrant’s disclosure controls and procedures                and presented in this report our conclusions about the effectiveness                of                the disclosure controls and procedures, as of the end of the period                covered by this report based on such evaluation; and |
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|   | (d) | Disclosed                in this report any change in the registrant’s internal control over                financial reporting that occurred during the registrant’s most recent                fiscal quarter (the registrant’s fourth quarter in the case of an annual                report) that has materially affected, or is reasonably likely to                materially affect, the registrant’s internal control over financial                reporting; and |
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| 5. |   | The registrant’s other certifying officer(s)                and I have disclosed, based on our most recent evaluation of internal                control over financial reporting, to the registrant’s auditors and the                audit committee of the registrant’s board of directors (or persons                performing the equivalent functions): |
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|   | (a) | All                significant deficiencies and material weaknesses in the design or                operation of internal control over financial reporting which are                reasonably likely to adversely affect the registrant’s ability to record,                process, summarize and report financial information;                and |
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|   | (b) | Any                fraud, whether or not material, that involves management or other                employees who have a significant role in the registrant’s internal control                over financial reporting. |
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| By:    | /s/ Paul                D.                ColasonoU                        |   |   |   |
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|   | Paul                    D. ColasonoChief                      Financial Officer |   |   |        |

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