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Department of Defense Assistance for Homeowners

By
Real Estate Agent with Hawaii Military Realty, Inc.

The economic stimulus package that was signed by the President yesterday has language that may allow some relief for DOD (Department of Defense) eligible homeowners and may benefit many that are living in Hawaii and stationed or working installations such as Schofield Barracks, Wheeler Army Airfield, Pearl Harbor, Hickam AFB, Marine Corps Base Kaneohe, Camp H.M. Smith and Tripler Army Medical Center to name a few.

The program will be modeled after the current HAP (Homeowners Assistance Program), a USACE (US Army Corps of Engineers) program that was developed after the BRAC (Base Realignment And Closure) affected many DOD eligible homeowners.  It is designed to aid homeowners that face financial loss in areas where property values have decreased as a result of BRAC.

Q: How is it going to work if for me in Hawaii if my base is not affected by BRAC?

A: I spoke to one of the administrators in the Sacramento, CA office yesterday and she said that it would all be based on "dates and percentages" once the eligibility for the program is determined.  For example, if an eligible person sold their house today, the HAP would look back to what the value of the home was prior to July 1, 2006 then a percentage of the value would be assigned.  It is my understanding that with the BRAC properties, the percentage was 95%.  So if the home was worth 100k on Jun 30, 2006, the homeowner would be allowed to sell the home for 95k.  HAP will also cover closing costs and real estate fees.  The Sacramento, CA office handles Hawaii.

CLICK HERE to visit the HAP site.

If you own property in Hawaii and think that you may be eligible for this program, feel free to contact me for your private consultation.

David Kucic, REALTOR-ASSOCIATE
First Sergeant, USA (Retired)
RE/MAX Honolulu in Kapolei, Hawaii
Cellular: (808) 218-9338
Email: davidkucic@remax.net
Visit Me On The Web at:  www.relocate808.com

 

Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

I had to bookmark for possible future use....this may help many.

Feb 18, 2009 02:48 PM
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner

It sure will!  The fact that they will cover the closing costs and realtor fees is a HUGE benefit and is sometimes the reason that many are faced with the problem.  You are welcome to click on the link, find the Sacramento office phone number and call them with questions.  They were very nice when I called.  Aloha!

Feb 18, 2009 02:58 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

In our area the prices are down but BRAC is bringing 19,000 plus jobs to Fort Belvoir so our military families are going to have to hope that the latest announcement from President Obama might offer them some relief.

Feb 18, 2009 11:08 PM
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner

I hope it helps them out.  There are so many of these cases in Hawaii.  If they could eliminate the closing costs and realtor fees, they would be able to sell without doing a short sale.  Its very nice to see that the Economic Stimulus is really going to help someone.  Up to this point, I had not seen anyone benefit but this may be the light at the end of the tunnel.

Feb 19, 2009 01:52 AM
Linda Bourgault
lulugraphix-creative photography & fine art - Flower Mound, TX

Good morning David—Yes, good news concerning the stimulus package and it's potential to assist our military homeowners. If all works out well I'll be back on the island for a vist in a couple of months. Would like to take you and Tonya to lunch if ya'll are available while I'm there. Thanks for your timely post. Aloha!

Feb 19, 2009 04:57 AM
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner

Aloha back to you!  Or, should I say HOWDY?  Please keep in touch.  We would love to see you and have lunch if you come over.

Hope all is well in the great state of Texas.

Feb 20, 2009 03:57 AM
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move

Wow this is great information.  I am glad I stumbled upon this.  Thanks!

Feb 20, 2009 09:24 AM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Thanks so much for sharing this info with us.  This is so good.

We  have a Station near us here in NC

Mar 07, 2010 08:53 AM
Tamara Inzunza
Realty One Group Capital - Alexandria, VA
Close-In Alexandria and Arlington Living

Glad I found your post.  I'm starting to work with this program in my area. Thanks for sharing the information.

Jul 07, 2010 05:54 AM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

WE have a lot of Coast Guard personnel here.  Would like to help them sell and buy homes..

Ginger

Dec 29, 2010 01:44 AM