Comments on: Military Families-Options if You Are Upside Down on Your Mortgage http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/ A Peek at Life & Real Estate in Northern Virginia Mon, 30 Jan 2012 13:39:29 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ft Belvoir Families-VA Compromise Sale Update | VA Real Estate Talk http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-100832 Ft Belvoir Families-VA Compromise Sale Update | VA Real Estate Talk Sat, 07 Jan 2012 13:54:20 +0000 http://varealestatetalk.com/?p=1302#comment-100832 [...] you are asking “What is a VA Compromise Sale” you can check out my previous post “Military Families Options if You Are Upside Down on Your Mortgage.”  In brief it’s a short sale for VA [...] [...] you are asking “What is a VA Compromise Sale” you can check out my previous post “Military Families Options if You Are Upside Down on Your Mortgage.”  In brief it’s a short sale for VA [...]

]]> By: The Inspector General Report On DoD HAP | VA Real Estate Talk http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-97537 The Inspector General Report On DoD HAP | VA Real Estate Talk Thu, 22 Dec 2011 20:30:30 +0000 http://varealestatetalk.com/?p=1302#comment-97537 [...] you are eligible for DoD HAP benefits and own a home in the Northern Virginia area give me a call at 703-346-2213.   With the [...] [...] you are eligible for DoD HAP benefits and own a home in the Northern Virginia area give me a call at 703-346-2213.   With the [...]

]]> By: Cindy Jones http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-61244 Cindy Jones Wed, 06 Jul 2011 12:49:17 +0000 http://varealestatetalk.com/?p=1302#comment-61244 Marcos-unless you had to pay money to your lender when you completed your short sale HAP will not be of any assistance to you at this point. The program doesn't pay you the difference between your purchase price and the short sale price. It covers that amount with your lender. Once a short sale is approved the lender has written off the differences and there is no further money due from you. If you had to pay cash out of your pocket or sign a promissory note then HAP may help cover a percentage of those out of pocket expenses. Marcos-unless you had to pay money to your lender when you completed your short sale HAP will not be of any assistance to you at this point. The program doesn’t pay you the difference between your purchase price and the short sale price. It covers that amount with your lender. Once a short sale is approved the lender has written off the differences and there is no further money due from you.

If you had to pay cash out of your pocket or sign a promissory note then HAP may help cover a percentage of those out of pocket expenses.

]]> By: Cindy Jones http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-60542 Cindy Jones Sun, 03 Jul 2011 12:28:35 +0000 http://varealestatetalk.com/?p=1302#comment-60542 If you did not have to pay anything, such as a promissory note or cash when your short sale was approved, then you won't have any benefits due. However I would encourage you to contact the regional HAP office where your property was located to discuss your specific situation. If you did not have to pay anything, such as a promissory note or cash when your short sale was approved, then you won’t have any benefits due. However I would encourage you to contact the regional HAP office where your property was located to discuss your specific situation.

]]> By: Marcos http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-59218 Marcos Mon, 27 Jun 2011 02:22:13 +0000 http://varealestatetalk.com/?p=1302#comment-59218 I just learned of this program, and not sure I qualify. I purchased a house in sep 2005 for 260k, then PCS'ed in 2008. Had to short sale for 180k in March 2009. I'm now out of the military and receiving over 30% disability from the VA. Under which program would it be better to apply through, if I qualify, and exactly would I be receiving? My family and I have to live with relatives due to not being able to purchase any property now due to the bad credit. Thank you so much for help I just learned of this program, and not sure I qualify. I purchased a house in sep 2005 for 260k, then PCS’ed in 2008. Had to short sale for 180k in March 2009. I’m now out of the military and receiving over 30% disability from the VA.
Under which program would it be better to apply through, if I qualify, and exactly would I be receiving?
My family and I have to live with relatives due to not being able to purchase any property now due to the bad credit.
Thank you so much for help

]]> By: Brian http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-51279 Brian Mon, 23 May 2011 20:33:08 +0000 http://varealestatetalk.com/?p=1302#comment-51279 Cindy- Thanks for the information and informative website. I purchased our home in OCT04 so I am well within the window on that end, but it appears that I just missed it on this end. I am now at a loss....short sale is an option if i can get BoA and NFCU to agree (I got one of those creative financing deals...that helped me to avoid PMI by financing a 1st and 2nd mortgage...the second of which I refinanced under NFCU when the interest rates were lower). Not sure how to handle that. Are there any other avenues you recommend? Trying to manage rental from 8000 miles away would be difficult at best....please help.... - Brian Cindy-
Thanks for the information and informative website. I purchased our home in OCT04 so I am well within the window on that end, but it appears that I just missed it on this end. I am now at a loss….short sale is an option if i can get BoA and NFCU to agree (I got one of those creative financing deals…that helped me to avoid PMI by financing a 1st and 2nd mortgage…the second of which I refinanced under NFCU when the interest rates were lower). Not sure how to handle that. Are there any other avenues you recommend? Trying to manage rental from 8000 miles away would be difficult at best….please help….
- Brian

]]> By: Cindy Jones http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-51074 Cindy Jones Sun, 22 May 2011 13:32:14 +0000 http://varealestatetalk.com/?p=1302#comment-51074 Though I am not an official of HAP my initial reaction to your question is probably not. As you know the HAP application has to be verified by the personnel office. It also has your signature which states the information is true and correct. However the official answer will have to come from the HAP office in Savannah. I understand your frustration on potentially missing out on the way the rules are currently written. I'd also suggest you write to Congressman Moran regarding your support of the current bills in Congress to extend the PCS dates back to Sept 2012 and provide the additional funding required. Of course the other questions not asked are whether you bought your home prior to the June 20, 2006 deadline as well. Though I am not an official of HAP my initial reaction to your question is probably not. As you know the HAP application has to be verified by the personnel office. It also has your signature which states the information is true and correct. However the official answer will have to come from the HAP office in Savannah. I understand your frustration on potentially missing out on the way the rules are currently written. I’d also suggest you write to Congressman Moran regarding your support of the current bills in Congress to extend the PCS dates back to Sept 2012 and provide the additional funding required. Of course the other questions not asked are whether you bought your home prior to the June 20, 2006 deadline as well.

]]> By: Brian http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-50894 Brian Sat, 21 May 2011 03:55:22 +0000 http://varealestatetalk.com/?p=1302#comment-50894 Cindy, Here is a question for you. In March of 2010 I received orders from Dahlgren VA to Suitland MD which authorized me a PCS move. I just received a new set of orders transferring me over seas to Guam (APR 11 orders date). Since I have not executed my new set of orders yet (I detach in SEPT11), can I file for HAP now using my last set of orders that authorized a PCS move that I did not execute? My home is located in Fredericksburg, VA. The set of orders I am executing now are the ones from MAR10 which transferred me to Suitland MD, which is over 50 miles from my home. Thanks for the help! Cindy,
Here is a question for you. In March of 2010 I received orders from Dahlgren VA to Suitland MD which authorized me a PCS move. I just received a new set of orders transferring me over seas to Guam (APR 11 orders date). Since I have not executed my new set of orders yet (I detach in SEPT11), can I file for HAP now using my last set of orders that authorized a PCS move that I did not execute? My home is located in Fredericksburg, VA. The set of orders I am executing now are the ones from MAR10 which transferred me to Suitland MD, which is over 50 miles from my home.
Thanks for the help!

]]> By: Cindy Jones http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-44244 Cindy Jones Fri, 22 Apr 2011 11:54:40 +0000 http://varealestatetalk.com/?p=1302#comment-44244 Michael-unfortunately you are not eligible for HAP. However I would recommend that you speak to your lender about a short sale. Many lenders do consider PCS orders a hardship and depending on your lender you may be able to complete a short sale without having to miss a payment. If you have a VA Loan look into a VA Compromise sale. Michael-unfortunately you are not eligible for HAP. However I would recommend that you speak to your lender about a short sale. Many lenders do consider PCS orders a hardship and depending on your lender you may be able to complete a short sale without having to miss a payment. If you have a VA Loan look into a VA Compromise sale.

]]> By: Michael Coleman http://varealestatetalk.com/2010/01/08/military-families-options-if-you-are-upside-down-on-your-mortgage/comment-page-1/#comment-43663 Michael Coleman Tue, 19 Apr 2011 21:56:55 +0000 http://varealestatetalk.com/?p=1302#comment-43663 Cindy, My wife and I are new to the military. We have PCS orders for August 30 of this year. We purchased our home in October of 2005. Of course I was not in the military then. Homes in our ara are selling for approx $100,000 less than we purchased for in 2005. We are debating our options...renting with hopes of market recovery, etc. Do you know if we would be eligible for HAP? After reading a few posts above, I'm going to inquire whether our lender views PCS as a hardship. In cases of PCS as a hardship for shortsell, does this affect our credit rating the same as any other short sell? Any advice would be helpful. Thanks a bunch. Cindy,
My wife and I are new to the military. We have PCS orders for August 30 of this year. We purchased our home in October of 2005. Of course I was not in the military then. Homes in our ara are selling for approx $100,000 less than we purchased for in 2005. We are debating our options…renting with hopes of market recovery, etc. Do you know if we would be eligible for HAP? After reading a few posts above, I’m going to inquire whether our lender views PCS as a hardship. In cases of PCS as a hardship for shortsell, does this affect our credit rating the same as any other short sell? Any advice would be helpful. Thanks a bunch.

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