***AS OF SEPTEMBER 30, 2012 THE HAP PROGRAM IS NO LONGER ACCEPTING APPLICATIONS OR PROCESSING FILES FOR ANY PROPERTY NOT ALREADY UNDER CONTRACT***
In January five of my military client’s closed on the sale of their homes using the Department of Defense (D0D)-Homeowners Assistance Program (HAP). Yes if it is a military related program it is going to be full of acronyms.
For many military families in the Northern Virginia area there is no doubt that the stress of a PCS move alone is high. Add the possibility of facing a short sale and the stress can go off the scale. Fortunately as part of the Economic Stimulus Relief Act military families who were under contract to purchase a home prior to July 1, 2006, have PCS orders prior to September 1, 2010 and have lost at least 10% of the market value of their home can apply for HAP benefits.
The program offers military sellers a chance to move without having to go through the painful process of a short sale and the possibility of ruining their credit. This is huge for anyone with a security clearance and with military families where moving every three or four years means credit checks for new housing (either buying or renting) ruined credit could be devastating.
For more program information you can go to the USACE HAP website.
If you are a military family living in Northern Virginia and meet the qualification for the USACE HAP program give me a call at 703-346-2213. I’ve settled HAP transactions and have more under contract. I understand the process, the lingo and know what it takes to get your Northern Virginia home SOLD.