By now everyone has learned how the real estate market is hurting many seller's. Many have little or no equity in their home; some owe more than their home is worth. Those who do not have to sell are hanging on tight hoping the value of their home does not decline more than it has. Some homeowners who must move are attempting to have the banks agree to a short sale. This is a big mess and it will take time for the clean up to be complete.
There is good news for qualifying military personnel, however. The Department of Defense (D.O.D.) is offering the Homeowners Assistance Program or HAP. It is offered to eligible service members and federal civilians. The program is authorized by law and administered by the US Army Corps of Engineers (USACE) to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement.
The American Recovery and Reinvestment Act of 2009 (ARRA) temporarily expands the HAP to assist service members and DOD employees who are wounded, injured or become ill when deployed, surviving spouses of service members or DOD employees killed or died of wounds while deployed, service members and civilian employees assigned to BRAC 05 organizations, and service members required to permanently relocate (PCS) during the home mortgage crisis.
You can find all the information as to qualifications and eligibility as well as applying for HAP assistance at http://hap.usace.army.mil
You can download the application there as well.
Please contact me for more information on this program or for a market analysis of your home.
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