Hampton Roads VA has many military families who maybe in for some help in selling their home courtesy of Uncle Sam.
The President signed the American Economic Recovery Act which included expansion of the HAP authority. HAP is a DOD program, and DOD will establish policy guidance on applicant processing and benefits. Until that time, potential applicants may submit applications to appropriate HAP districts; however, no action will be taken on the applications until any change to the HAP authority has been enacted and DOD guidance is received.
Their is a provision in Congress’ economic recovery package that may provide relief to Military Home Sellers who are trying to sell for less than they owe on their mortgages..
The stimulus package includes $555 million in aid to compensate military service members who are given orders and must sell their homes for less than market value. The Department of Defense would reimburse the individuals for up to 95 percent of the loss if the homes were purchased before July 1, 2006. The department could also elect to purchase the homes for up to 90 percent of the fair market value.
Many families are waiting for clarification on whether the DOD will use the value of the home at the time of purchase or the value in today’s market.
The defense department is reviewing the program to determine the eligibility requirements but it has set no deadline for decisions.
The legislation , administered by the Army Corp of Engineers is an expansion of the Homeowners Assistance Program.
Originally created to help military personnel forced to sell their homes after a base closing it is being expanded to include those affected by the housing downturn would last until 2012. However, those who bought after the July 2006 deadline are not eligible.
You can find out more about the HAP Program here
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