There's some more help for the military homeowner. A few week ago I reblogged a post by Lenn Harley. This post had some great information for military homeowners about what is known as a VA Compromise Sale. This is for military homeowners that had secured their home with a VA Loan and found themselves in a negative equity situation. If you have not heard about the VA Compromise Sale or read the prior post, please click HERE and get the information.
In April of this year, the Department of Defense announced that as a part of the American Recovery and Reinvestment Act of 2009 they would expand the Homeowners Assistance Program, (HAP), to include Wounded Members of the Armed Forces (30% or greater), Surviving Spouses of Fallen Warriors, Wounded DOD civilian employees who had to relocate for healthcare, Base Realignment and Closure, (BRAC), 2005 impacted homeowners having to move during the mortgage crisis and Service Members undergoing PCS, (permanent change of station), moves during the mortgage crisis. Previously the HAP was only available to those affected by the BRAC. On October 1st, DOD started allowing those who qualified to apply.
So, how does this help you? In a nutshell, for qualifying members of this new expansion, the Department of Defense will provide financial assistance to offset financial losses of homeowners who need to sell their homes in conjunction with PCS moves, base closures and the above mentioned wounded members. Now, please be advised that there are some restrictions to this program and this is not meant to be a "money maker" for those in distress. You must qualify initially under one of the reasons listed above and there are some guidelines before you can apply. Please click HERE for the presentation.
For complete information and an application please visit the US Army Corps of Engineers HAP Website. And, as always, please talk with your Realtor® about your options. I wish you luck and thank you for your continued service!
Brenda Mullen – San Antonio Texas Real Estate Professional
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