Defense Department's Homeowners Assistance Program

By
Real Estate Agent with RE/MAX Executives VA0225060364, MD638478

Today's military members are faced with particularly troubling crises when it comes time to make a move. With orders in hand, military members have had little choice but to sell at a loss. Report dates are written in stone for the most part, and the service member can't delay reporting to achieve a home sale.

 Many families rent their previous home at a loss, or the military member reports to the next duty station as a "geographical bachelor", leaving their family behind.Short sales and foreclosures are not an option either. Officers and most enlisted military members must hold a security clearance. Keeping that clearance requires periodic credit checks and if a foreclosure appears, the member runs the risk of losing their clearance and possibly their career. So, much more is at stake for the military members and their families.

Fortunately, the latest stimulus package included language to assist these families. The provisions are imed at helping service members who sell their home at a loss, faced foreclosure or were forced to move as a result of BRAC or a reassignment . Wounded veterans who need to relocate to be near a health facility and surviving spouses of those killed in combat will also be helped by the measures.

The $555 million program expands the Defense Department's Homeowners Assistance Program, which helps military and federal personnel whose homes have lost value because of a base closure. What is covered:

  • 95 percent of a loss if a service member is forced to sell. or
  • The government pays off the balance of a service member's mortgage (and acquires title)or
  • The government pays the owner up to 90 percent of the home's previous value. No dollar ceiling has been set.
  • Applies to primary residence purchase PRIOR TO July 1, 2006

The Army Corps of Engineer's website is: http://hap.usace.army.mil/. There you can find information on who qualifies, application procedures, etc.

For more information, or if you need to sell your home in DC or VA, contact Cathy Baumbusch, 703-969-1691, or visit www.GoArmyRealEstate.com.

 

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Cathy Valdiviez Baumbusch, REALTOR. Licensed in VA, MD, and DC. 

Red Dress Realty at RE/MAX Executives

DIRECT: 202-630-2MOV 

8442 Old Keene Mill Rd., Springfield, VA, 22152

2704 Richmond Highway, Alexandria, VA 22301

Cathy has lived in the DC Metro area since 1996. She currently lives in West Springfield, VA. Licensed since 2001 and serves clients in Virginia, Maryland and the District of Columbia.

Cathy's service area includes Fairfax County, Alexandria, Arlington, Falls Church in Virginia and Prince George's, and Montgomery County in Maryland., and of course. 

Cathy has an excellent track record getting short sales approved and closed. Cathy can also facilitate buying and selling real estate anywhere in the world. 

Cathy is a VHDA Certified Trainer and she has taught classes on buying short sales, HUD homes, and foreclosures and social media marketing classes through Fairfax County Public Schools Adult and Continuing Education Program. 

Cathy is a retired Army Reserve Major and an accomplished singer with a rock band. She resides in Springfield, VA with her dog and cat.

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Comments (2)

Anonymous
ken gines

Aloha, Cathy.

 Have you heard anything regarding the HAP? The Corps of Engineers wrote me that the program guidelines would be rolled out on Friday.

 Let me know if you know something and if you have buyers or sellers coming to Hawaii please refer them to me.

 I am our company's VA specialist.

Ken Gines RA VA Specialist ePRO ABR

J.Samuels Signature Homes LLC The Marketplace at Kapolei

(808)389-0489

Mahalo (thanks!)

May 02, 2009 01:31 PM
#1
Cathy Baumbusch
RE/MAX Executives - Alexandria, VA
If you want to stand out put on a red dress!

Hi Ken,

No guidance yet. The website still says:

American Recovery and Reinvestment Act funding policy has yet to be determined. While potential applicants are free to submit application paperwork, we will process the applications based on the implementation guidance, which we expect to receive in the next few weeks.

DOD guidance is being developed and will be posted as soon as it is available. Application processing will commence as soon as possible after DOD guidance is posted.

May 12, 2009 05:04 PM