Archive for the 'Military Relocation' Category
Virginia has become the first to adopt the Honor and Remember Flag. Promoted by the non-profit Honor and Remember organization.
Per George Lutz Executive Director of the Honor and Remember Organization:
“America does not currently have a tangible national symbol that is specifically dedicated to express respect and gratitude for the lives lost in defense of our freedoms. The Honor and Remember Flag fills that void.”
The flag is to honor all service men and women who have given their lives either in war or in service.
| Discussion: No Comments »
Homeowners Assistance Program (HAP) is Working for Military Families
February 22nd, 2010 Categories: Military Relocation
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.
| Discussion: 4 Comments »
In case you missed this performance by Trace Adkins and the West Point Glee Club you should take a moment to listen.
Learn More About the Wounded Warrior Project
| Discussion: No Comments »
Yesterday I had the chance to spend some time on Blog Talk Radio with Carra Riley, author of “Cosmic Cow Pie-Connecting the Dots” and “Purge the Pits.”
Carra talked to me about Northern Virginia real estate and the Department of Defense Homeowners Assistance Program.
Listen to Cindy Jones on BlogTalkRadio
| Discussion: 3 Comments »
My military clients in Northern Virginia are continuing to get great news. The US Army Corps of Engineers Homeowners Assistance Program is closing deals.
Yesterday my listing in Riverside Station in Woodbridge VA went to closing. The sellers an active duty military family elected the Government Acquisition option offered by HAP. Seeing the United States of American as the seller on the HUD-1 was a bit unsettling but it meant that the deal was done.
Celebrating each and everyone of these transactions is important. Each one means an eligible military family avoids a short sale or foreclosure in a declining Northern Virginia market.
If you are an active duty military family who qualifies for the HAP program give me a call. I’ve been helping families like yours for the last 6 months get to a successful settlement.
| Discussion: No Comments »
Each settlement we are involved in as real estate professionals means a new beginning for both sides of the transaction. Sometimes those new beginnings take a while to pull off and this is one reason this settlement was special.
However the most important thing that makes this one stand out is that my clients are active duty military and the home was being sold under the guidelines of the Department of Defense Homeowners Assistance Program (HAP) set last fall. The program was expanded last year to help military families with PCS orders sell their homes in a declining market without requiring a short sale and ruining their credit.
The program got off to a slow start, as you can imagine with any government program, while the guidelines were published, reviewed and then additional legislation passed to eliminate a 25% upfront tax penalty. Finally today after months of waiting all of the pieces fell in place and settlement was completed.
To add another piece to the good feeling is that the buyers are also and active duty military family. Since settlement was delayed they now are able to tax advantage of the second time buyers tax credit, helping them with any updates they may want to do to their new home. It is a great feeling to have this one settled and to know that the Department of Defense Homeowners Assistance Program is fully operational. With four more HAP closings scheduled for January I’m hoping today’s settlement is the start of lots of great cheer for Nothern Virginia military families.
If you are a military family stationed at Fort Belvoir, the Pentagon, Quantico or any of the Military of District of Washington installations give me a call at 703-346-2213 to talk about the Department of Defense HAP proagram. I’ve worked successfully with military families, the real estate specialists at the US Army Corps of Engineers and US Government Settlement Attorney’s to get HAP eligible military familes on the road to their new locations.
| Discussion: No Comments »
Military Families-Options if You Are Upside Down on Your Mortgage
January 8th, 2010 Categories: Military Relocation
In the Northern Virginia real estate market where prices have declined military families with PCS orders face a difficult decision. Do you hold on to your home and rent hoping for prices to rebound in another 3-5 years or attempt a short sale and hope that your lender will consider PCS orders a “hardship?”
There are two other options that may be available for you to consider as weill. Military families stationed at Fort Belvoir, the Pentagon, Quantico and other Military District of Washington installations who purchased a home prior to July 1, 2006 may find that Homeowner Assistance Program (HAP) may offer some relief if you have upcoming PCS orders to move.
The HAP program is aimed towards helping:
Active Duty Military Personnel with PCS orders who are upside down on their mortgage
Wounded soldiers who must relocate due to medical conditions (wounded after 9/1/2001)
Surviving Spouses (death of military member after 9/1/2001)
If you live in Northern Virginia and you are anticipating PCS orders in 2010 and you qualify for HAP, now is the time to start gathering your documents and call the HAP Field Office for our area (located in Savannah) at 800-861-8144 for additional information.
Download information on how to apply for the HAP program.
If you have a VA Loan you may be eligible for a VA Compromise Sale. In our region of Northern Virginia the VA Regional Office which will provide you with the latest updates is the Roanoke office. The VA Compromise sale does have several factors that are important to remember:
• The property must be sold for fair market value.
• The closing costs must be reasonable and customary
• The compromise sale must be less costly for the Government than foreclosure
• There must be a financial hardship on the part of the seller
• On loans that originated on or before December 31, 1989, the seller must be willing to sign a promissory note
• There must be no second liens or other liens (unless the amount is insignificant).
• The seller must first obtain a sales contract in order to be considered for the program.
To protect the seller’s interest, the seller should make the sales contract contingent and/or subject to the approval of a VA compromise sale.
VA Compromise Sale Information Packet
There is an extensive list of VA approved list of Loss Mitigation Servicers available on the VA site. A VA Compromise sale does require that the VA approve the HUD-1 be reviewed and approved by the VA prior to settlement so making sure the buyers documents are in order at least 48 hours in advance is a must.
If you are stationed at Fort Belvoir, the Pentagon, Quantico or any of the Military District of Washington installations give me a call at 703-346-2213. I’ve closed HAP deals under the new guidelines and understand the process well.
| Discussion: 4 Comments »
2010 BAH Rates Published for Active Duty Military
December 17th, 2009 Categories: Military Relocation
The 2010 Basic Allowance for Housing Rates (BAH) have been published for active duty military members.
For those who are not familiar with BAH, the rates are based on the median rental rates in the area and may not cover what a service member pays in a monthly mortgage if they decide to buy a home while stationed in the area. The median rental rate includes not only the rent but average utilities and the cost of rental insurance.
It is not uncommon in our area to have military members stationed at the Fort Belvoir choose to live in Prince William or even Stafford County where home prices or rental rates may be lower. However they still will receive the BAH rate for the Fort Belvoir (zip code 22060). Northern Virginia is one the 350 Military Housing Areas (MHA) that looks at the rental market data within one hour’s commuting distance in rush hour traffic.
If you have orders to Fort Belvoir, Pentagon, Quantico any of the local military installations in Northern Virginia, DC or MD give me a call. I can help you find a home that will give you the maximum use of your 2010 BAH rate, whether it is buying or renting! I’ve walked in your shoes all around the world and know how difficult the transition to a new area can be.
<
| Discussion: No Comments »
The US House of Representatives overwhelming voted to extend the first time home buyers credit for an additional 12 months to anyone in the military who has served overseas for three months in 2009. In a vote of 416 to zero the bill now has to go the US Senate and the President for final approval.
This extension could give up to 350,000 military families currently deployed overseas unitl November 2010 to take advantage of the current tax credit. In addition the IRS “recapture” rules will be waived for any service member who is deployed and must sell or rent their home.
Known as the Service Members Home Owners Tax Act this bill also contains the provision to waive the income tax liability currently in the expanded Department of Defense Homeowners Assistance Program.
The next step for this bill (HR 3590) is for the Senate Finance Committee to review the bill and hopefully move it to a vote in the full Senate.
This seems to be one time that the US Congress, Senate and President should be able to agree. Extending the tax credit for our military is the right thing to do no matter what your political beliefs.
| Discussion: No Comments »
DoD Prelminary HAP Guidelines Published
October 1st, 2009 Categories: Military Relocation, Real Estate Ramblings
Military families across the world have been anxiously awaiting the final rules proposals for the DoD Homeowners Assistance Program (HAP).
Waiting is always a struggle when you have your PCS orders in hand and need to sell your home. It is even worse in our current market when it often means that the value of your home is below the current market value.
The expanded Department of Defense HAP program was designed to help military families in our current market and alleviate some of the financial burden. Yesterday the rules were published in the Federal Registry for final review and comments. This does not mean that applications will be processed until the 30 day review period has passed, however there are some rumors floating around the various forums that the regional offices have started making contact with the Wounded Warriors and Surviving Spouses.
The biggest concern for homeowners is the tax consequences of the funding. Currently the ruling specifies that the homeowner will have to cover the benefits received as taxable income and pay the tax liability will be deducted from the funds at settlement. If you would like to support the H.R. 3590 to remove this from the bill contact your representative as well as Rep. Pelosi and Rep. Rangel to request the support of expediting the passage of H.R. 3590
I currently have four listing under contract in the Northern Virginia area for military families and the buyers waiting for the final approval on the rules. We look forward to the day their applications can be officially processed and their homes are sold.
If you live in Northern Virginia and qualify for the DoD Homeowners Assistance Program or a VA Compromise Sale give me a call at 703-346-221. I’ve been working with families in your same situation this year and understand the complexities of the process.
| Discussion: No Comments »