hap: 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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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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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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hap: 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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hap: Extending the First Time Home Buyers Credit for Military Families - 10/12/09 09:33 PM
The US House of Representatives overwhelming voted to extend the first time home buyers credit for an additional 12 months to anyone in the military who has served overseas for three months in 2009. In a vote of 416 to zero the bill now has to go the US Senate and the President for final approval.This extension could give up to 350,000 military families currently deployed overseas unitl November 2010 to take advantage of the current tax credit. In addition the IRS "recapture" rules will be waived for any service member who is deployed and must sell or rent their home. Known … (117 comments)
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hap: 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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hap: Department of Defense-Federal Registry Publishes Preliminary Homeowner Assistance Program Rules - 10/01/09 01:51 PM
Military families across the world have been anxiously awaiting the final rules proposals for the DoD Homeowners Assistance Program (HAP).
Waiting is always a struggle when you have your PCS orders in hand and need to sell your home. It is even worse in our current market when it often means that the value of your home is below the current market value.The expanded Department of Defense HAP program was designed to help military families in our current market and alleviate some of the financial burden. Yesterday the rules were published in the Federal Registry for final review and comments. This … (6 comments)
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hap: 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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hap: Military Families-More Funding Proposed for the Homeowners Assistance Program - 07/20/09 05:52 PM
As families currently eligible for the Department of Defense HAP program await updated guidelines to be published, additional funding is being proposed in the US Senate by Virginia Senator Jim Webb for Fiscal Year 2010.Senate bill (S 1309) proposes an additional $350 million dollars to enhance the funding provided by the American Recovery and Reinvestment Act passed last fall. With over 2000 applications for assistance for wounded warriors, surviving spouses, families with PCS orders and BRAC transferees in the south east district waiting to be processed, it is apparent that the current funding could easily be depleted before the deadline for … (20 comments)
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hap: Shipping Out From Northern Virginia? Check to See if You Qualify for HAP - 06/04/09 04:49 PM
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 relief if you have upcoming PCS orders to move.This week I have listed two homes for sale with families applying for HAP benefits. The official guidelines for the program are expecting to be released within the next 10-14 days and already the counselors for our area indicate they have over 1500 applications waiting. One of the requirements for application for HAP beneits is to be actively … (0 comments)
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hap: Military Relocation-Homeowner Assistance Program Might Help You - 05/13/09 09:43 AM
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 relief if you have upcoming PCS orders to move.This week I had the opportunity to start working with a family applying for HAP benefits. The official guidelines for the program are expecting to be released within the next 10-14 days and already the counselors for our area indicate they have over 1000 applications waiting. We have a listing agreement in place (one of the requirements) and as … (10 comments)
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