department of defense: The Shortest Distance to a Settlement Isn’t Always a Straight Line - 01/17/10 03:02 PM
Over the last few weeks three of my listngs using the US Army Corps of Engineers Home Owners Assistance Program (HAP) have finally gone to settlement. There hasn’t been anything quick about the first few of these transactions. One of the biggest reasons was due to the delay in the publishing of the final guidelines and review by Congress. Since most PCS orders arrive in the summer it didn’t take long to figure out that a number of these transactions were going to be the length of a short sale to complete. Fortunately every buyer involved in the transactions I was … (9 comments)
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department of defense: The Quiet News from the Unemployment Compensation Extension Act of 2009 - 11/17/09 10:04 AM
With all of the hoopla surrounding the extension of the first time homebuyers tax credit as part of the "Unemployment Compensation Act of 2009" a small portion of the bill was overlooked. Perhaps if you don't work with military families or aren't in a community that has faced a decline in home values you might not even known that H.R. 3548 saved military families who are using the expanded Department of Defense Homeowners Assistance Program (HAP) a 25% up front tax penality when they sold their home.For some families this has meant the difference from being able to take advantage of the benefits … (10 comments)
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department of defense: Department of Defense Publishes HAP Guidelines for Military Families - 10/10/09 11:40 AM
After months of waiting the Department of Defense has published the guidelines for the processing of applications for military families who are eligible for the DoD Homeowners Assistance Program (HAP).
The guidelines provide for different processing rules for the three major categories:Wounded WarriorsSurviving SpousesActive Duty with PCS OrdersHomeowner Assistance Program Guidelines
If you have applied for relief under the HAP program make sure you check out the new guidelines and contact your counselor at the appropriate field office to make sure your file is in line for processing.
The biggest concern for homeowners is the tax consequences of the funding. Currently … (5 comments)
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department of defense: Military Relocation-Options When You are Upside Down on Your VA Loan - 08/24/09 07:25 AM
Currently I'm working with a number of families in Northern Virginia who are qualified for the Department of Defense Homeowners Assistance Program (HAP) but there is another option for military families who have received orders and are upside down on their home value.If you have a VA Loan you may be eligible for a VA Compromise Sale. In our region of Northern Virginia the VA Regional Office which will provide you with the latest updates is the Roanoke office. The VA Compromise sale does have several factors that are important to remember:
• The property must be sold for fair market … (12 comments)
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