Comments on: Military Families-Options if You Are Upside Down on Your Mortgage

By: Nancy Cote

Nancy Cote — Sun, 11 Jul 2010 15:31:59 +0000

Cindy – Thank you so much for your quick response and helpful advice. Even though it doesn’t take the sting of our financial loss away, seeing the 6 figure number losses in your area, we realize we good be much worse off.

By: Cindy Jones

Cindy Jones — Sun, 11 Jul 2010 12:52:45 +0000

HAP benefits currently state that you must have bought your home or been under contract to purchase your home prior to July 1, 2006. Since you bought your home in 2008 you would not qualify for HAP under the current guidelines. You can talk to your lender directly to see if they would provide any options for you to sell as a short sale without being late on your payments. Some lender do understand the PCS orders are a hardship. Most of the HAP sellers I am assisting in Northern Virgina are upside down on their homes in 6 figure numbers.

By: Nancy Cote

Nancy Cote — Sun, 11 Jul 2010 12:34:23 +0000

Cindy –
My husband and I just found out we are going PCS to NE in Dec. I have read many websites and continue to get conflicting information. Also, I can not find a real estate familar with this HAP program. We purchased our home in March 2008. Now we must sell for a slight loss and pay about $20,000 out of our own pocket. With this information would you be able to tell me whether or not we qualify for the HAP program? Thank you in advance for any advice. Sincerely. Nancy

By: Cindy Jones

Cindy Jones — Tue, 29 Jun 2010 12:27:39 +0000

Ted-HAP is only available for those who have a mandatory retirement between the dates outlined for HAP benefits. If you meet those requirements then you would need to apply for an exception directly with HAP to determine whether they would waive the top price limit currently in place.

By: Ted

Ted — Mon, 28 Jun 2010 15:29:06 +0000

what other options are available to retired vets who are over the 729000 threshold?

By: Make this Westridge House Your Home | VA Real Estate Talk

Make this Westridge House Your Home | VA Real Estate Talk — Sat, 19 Jun 2010 11:31:36 +0000

[...] military family in Northern Virginia is making a move and using Department of Defense HAP benefits to assist [...]

By: Cindy Jones

Cindy Jones — Sun, 13 Jun 2010 21:59:06 +0000

Sarah,

The answer based on the information about your mortgage appears to be no. Here is why. HAP benefits cover the original loan on the property. Unless you can show that the additional funds you took out beyond the $217,000 were for improvements to your home then you would not qualify. HAP does not cover loans that were taken out when the values of properties skyrocketed and homeowners removed their equity for other purchases. There are other criteria if you are Active Duty Military or qualify under the HAP DNRP for civilians to consider but just based on the little information you provided I don’t think you would qualify. That answer might change with more information.

By: Sarah T. Cook

Sarah T. Cook — Sun, 13 Jun 2010 20:58:48 +0000

Do I qualify for HAP? I purchased my home in July 1997 for $217,000, have a 1st Mortgage of 450,000 and a 2nd of 80,000 and its current assessed value is 467,00. I live in Woodbridge, VA (Prince William County)

By: Cindy Jones

Cindy Jones — Fri, 14 May 2010 19:52:55 +0000

Kim-the program does have upper value limits which is stated on the HAP website. I’ve had a few calls from families in our area and one of the first questions I ask is what was the original purchase price of your home? If they say a number over $729,000 then I let them know they aren’t eligible for the program and we need to explore other options.

By: Kim

Kim — Fri, 14 May 2010 19:45:34 +0000

Not entireley true. I am stationed in California and over $200,000 upside down. I was turned down for HAP because the original cost of my property is greter than $729,000. I pay my mortgage evry month and I am now forced to short sell or foreclose.