department of defense hap: A DoD HAP Sale Is NOT A Short Sale - 02/29/12 07:09 AM
Let me repeat that. The Department of Defense Homeowners Assistance Program sale is NOT a short sale.The only common denominator between the two is that the homeowner is upside down on their mortgage.
An active duty servicemember who meets the qualifications for HAP does not interact with their lender in any way regarding the sale of their home. They do not have to provide to their lender or the United States Army Corps of Engineers, who administers the program, anything that resembles a short sale package.
They do not have to prove a "financial hardship" to sell their home using HAP. … (14 comments)
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department of defense hap: Another Lorton VA Home SOLD By CJ Realty Group - 07/07/11 09:03 AM
Cindy Jones and CJ Realty Group are happy to announce the settlement of our listing at 8183 Paper Birch Drive in the Laurel Hill neighborhood of Lorton VA. This closing was our 30th Department of Defense Homeowners Assistance Program (HAP) settlement. This home garnered multiple offers and sold for 15K over list price. I've had the pleasure of working with the former owners of this Lorton home on three transactions over the last 7 years. Laurel Hill is one of the new communities in Lorton that was built after the closing of the former DC Reformatory located in Lorton for almost … (11 comments)
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department of defense hap: Will Using Department of Defense HAP Benefits Hurt My Credit Rating? - 02/07/11 09:28 AM
With all the stories with how short sales and foreclosures impact a homeowners credit scores it is a question that makes sense for military families to ask. Though many think that a Department of Defense HAP sale is "like" a short sale it isn't. Sure the purchasers needs to wait a bit while the government process the paperwork but unlike a short sale the lender does not have to approve the sale. Here is the good news:
If you are a military family who owned a home in Northern Virginia and PCS'd in the last few years you may … (4 comments)
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department of defense hap: Northern Virginia Military Families Making The Move With Department of Defense HAP Benefits - 05/23/10 10:55 AM
This week two more of of my listings for Northern Virginia military families closed using the Department of Defense HAP benefits. One family followed the Government Acquisition (GA) process and the other the Private Augmented Sale (PAS) process.
One of the questions that I"m often asked by families who are eligible for the HAP benefits is how do I decide which benefit option to select? In some ways it is a very easy decision. If you purchased your home with a VA loan or 100% financing then chances are you are going to select the GA process. However if you made … (0 comments)
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department of defense hap: Three Closings-Three Counties-All At Three PM-The Definition of Insanity - 05/19/10 09:21 PM
It didn't start out to be that kind of day. You know the one where everything is all lined up and ready to go....or so you think. Then the phone starts to ring. It looks as if the buyer's lender needs a couple of extra hours to get the loan documents delivered and we're sorry the last documents from the settlement attorney for HAP isn't back yet. Before you know it two out of three settlements are pushed right smack into one that is going along smoothly.
Anyone who knows Northern Virgina traffic knows even if they had been spread out … (15 comments)
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department of defense hap: Department of Defense HAP is Working for Nothern Virignia Military Families - 05/05/10 08:19 PM
A sure sign of spring in Northern Virginia is the steady stream of PCS orders military families are receiving to head to their new duty station. This year’s PCS orders bring a different level of stress than in former times. Families who purchased a home when they arrived 4 or 5 years ago now are faced with a home that has lost value. Deciding whether to sell or rent their home becomes a difficult decision. For military families who purchased (or contracted to buy) their home prior to July 1, 2006 the Department of Defense Homeowners Assistance Program (HAP) is one … (6 comments)
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department of defense hap: Lucky Number Seven-Another DoD HAP Closing in Northern Virginia - 05/02/10 08:00 PM
It was lucky number seven. Another military family with PCS orders out of the Northern Virginia area using the Department of Defense Homeowners Assistance Benefits (HAP) closed yesterday afternoon.
Perhaps I should clarify the Lucky Number Seven. That is the number of DoD HAP closings I’ve had the good fortunate to settle in 2010. There obviously are thousands of military families throughout the country who are qualified for and using the benefits to help them sell.
The question most often asked by both buyers and sellers is “how long will the process take?” In this case the contract was ratified on … (0 comments)
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department of defense hap: Rumors and Innuendos-Answering a Few Questions about DoD HAP Benefits - 04/16/10 08:54 AM
Recently I’ve found myself answering a number of calls from around the country about the Department of Defense Homeowners Assistance Program (HAP). The issue? Rumors that it will take 6 months to close a deal, that HAP has to ratify the buyers contract, that active duty military families buying a HAP listing get extra incentives and so many more. Now the real experts on the DoD HAP program are the real estate specialists in the 4 regional offices throughout the country. However after working with a number of military families in the Northern Virginia area list and sell their homes I’ve … (9 comments)
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department of defense hap: Spring is Coming and So Are the PCS Orders Out of Nothern Virginia - 03/02/10 04:06 PM
A sure sign of spring in Northern Virginia is the steady stream of PCS orders military families are receiving to head to their new duty station. So far this year military families I am working with are heading around the world including Okinawa, Hawaii, Thailand and the more “usual” spots of FL, GA, SC and OH. This year’s PCS orders bring a different level of stress than in former times. Families who purchased a home when they arrived 4 or 5 years ago now are faced with a home that has lost value. Deciding whether to sell or rent their home … (6 comments)
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department of defense hap: Gainesville Virginia-Carterwood Townhouse Goes Into the SOLD Column - 01/19/10 06:39 PM
It's time to celebrate another military family making a PCS move from Northern Virginia to a new duty station. The good news the home was SOLD with the assistance of the US Army Corps of Engineers-Homeowers Assistance Program (HAP). It is often said that timing is everything and in this case it was even more critical.
The owners needed to get to their new duty station immediately as the husband, an active duty Marine will be deploying to Afghanistan within a few days. Getting the family settled before he leaves was a top priority.
If you are a Northern … (7 comments)
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department of defense hap: The First Settlement of The Year in Lorton Virginia-A Special One - 01/07/10 03:40 PM
Each settlement we are involved in as real estate professionals means a new beginning for both sides of the transaction. The first settlement of 2010 in Lorton Virginia was special for a number of reasons. The fact that this one took a little extra time to happen is just one of the reasons this settlement was important to two families.
However the most important thing that makes this one stand out is that my clients are active duty military and the home was being sold under the guidelines of the Department of Defense Homeowners Assistance Program (HAP) set last fall. The … (8 comments)
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department of defense hap: Military Families-Options if you are Upside Down on Your Mortgage - 12/26/09 05:40 PM
In a real estate market where prices have declined military families with PCS orders face a difficult decision. Do you hold on to your home and rent hoping for prices to rebound in another 3-5 years or attempt a short sale and hope that your lender will consider PCS orders a "hardship?"There are two other options that may be available for you to consider as weill. Military families stationed at Fort Belvoir, the Pentagon, Quantico and other Military District of Washington installations who purchased a home prior to July 1, 2006 may find that Homeowner Assistance Program (HAP) may offer some … (24 comments)
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department of defense hap: Department of Defense Homeowners Assistance Program-The Checks Are in The Mail - 11/18/09 07:35 PM
After a long wait the checks are beginning to roll out for military families who qualify for assistance from the Department of Defense Homeowners Assistance Program (HAP).
Three weeks after the funds were made available the surviving spouse of a Fallen Warrior received her check. Then a check went out to an Air Force Major in Colorado and since then the checks have been rolling out on a regular basis. Each check issued means one of the thousands of military families impacted by the declining market value of their home comes one step closer to financial relief.
The expanded program has had a few holdups. First the funds … (7 comments)
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