Army Corps of Engineer HAP Website
HAP Savannah District, serving Southeast U.S. CALL 800-861-8144
• PCS orders: Under the Department of Defense’s Homeowners’ Assistance
Program (HAP), certain service members who are forced to sell their home at
a specified loss due to a Permanent Change in Station (PCS) may be partially
compensated for the loss. However, under the governing statute for HAP, only
certain PCS service members are eligible for benefits. Under this settlement, all
of the participating servicers will provide mandatory short sale agreements and
deficiency waivers to certain service members who are currently ineligible for
HAP.
Started by Jeff Payne. Last reply by Cheryl Calhoun Aug 25, 2011. 12 Replies 0 Likes
Comment
Congralations, Cindy! Was it a Government Assisted Private Sale? Good job! It is a bit worrisome about HAP funds ending. I noticed they have slowed down processing. Good idea to make the contract contingent on HAP funding.
Just closed another HAP augmented sale. A few people have asked whether deals are still closing and the answer is yes. The sellers are getting back about 75K on this sale. Recommend adding the language to any offer you ratify to include "contingent on HAP funding" just in case the funding dries up.
HAP NOTICE:
PLEASE BE ADVISED
THAT NO HAP CLOSINGS WILL TAKE PLACE BETWEEN SEPT 19th - SEPT 30th DUE TO END OF THEIR FISCAL YEAR.
Greetings to All.
I hope someone/anyone can provide some insight while I'm going through my first HAP sale...
My sellers have no money to bring to closing and here are the numbers:
Purchase Price of $270k x 90% = $243k
Selling Price = $165k
Mortgage Payoff = $250k
Basic HAP Benefit ($243k-$165k) = $78k
HAP Reimbursement of closing costs (7% of $165k Sales Price) = $11,550*Cash after mortgage payoff (-$7,000 + $11,550 HAP Benefit) = $4,550
Questions:
1) Do these numbers look right to you? Am I structuring this correctly?
2) What are seller's options if don't have money to bring to closing?
* Not sure if the Cash after mortgage payoff is calculated correctly... number above is my best guess.
Thanks In Advance for any help you can provide.
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