New Housing Relief for Veterans and Service Members

Do you know of military families that can’t sell their home because they are upside down on their mortgage? Many families that qualified took advantage of the Homeowner’s Assistance Program however those that bought their house after the qualification date of July 1, 2006 are still unable to sell their home because they owe more then it is worth. I came across this announcement on the HAP website.

Since my husband is active duty we have a lot of friends in this position of owing more then they can sell for and they always say “what does the government think that military families stopped buying homes after 2006” or that “home prices didn’t continue decreasing?”

Although the government has not decided to extend the HAP benefits for those PCSing they did announce two steps to assist veterans and service members. These two steps of the New Housing Relief for Veterans and Service Members include providing relief for those wrongfully foreclosed upon or denied a lower interest rate and reducing fees for FHA borrowers looking to refinance.  

For those service members that purchased their homes between July 1, 2006 and December 31, 2008, or who received a PCS after October 1, 2010 and were forced to sell their home due to a PCS move the servicers will provide short sale agreements and deficiency waivers. We’ll see how this new housing relief for veterans and service members works out.

For more details read the full article on New Housing Relief For Veterans and Service Members:

: http://www.whitehouse.gov/the-press-office/2012/03/06/fact-sheet-president-obama-announces-new-steps-provide-housing-relief-ve