HAP Helps the Military Avoid Short Sale and Foreclosure

Are you an Eglin AFB or Hurlburt Field airman PCSing soon? If you own a home, have to sell, and owe more than your property is worth, there may be help available so you can avoid a foreclosure or even a short sale. The U.S. military Homeowner Assistance Program (HAP) may help you by covering most of the loss to your mortgage holder.
These are the basic qualifications for HAP:

1. You must be PCSing more than 50 miles
2. You purchased your home or entered into a contract to buy it before July 1, 2006
3. It was your primary residence (not a rental)
4. Your orders were between February 1, 2006 and September 30, 2012.
5. Your home must have declined at least 10% in value. (That should not be in problem in the Eglin AFB and Hurlburt Field market).


HAP may cover 90% of your loss from your original purchase price, with you bringing the difference to closing when you sell your homel If you apply for HAP and are moving from Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, here is part of an email you may receive from the HAP Savannah District:

" We cannot estimate or pay benefits until you have provided all requested information, are determined eligible, and have sold your home or have it under contract. You are encouraged to send in the information we request since we cannot determine your eligibility without it.The government acquisition option for... applicants involves the government purchasing your home and selling it immediately to your buyer in a subsequent transaction. This option is for those who cannot afford to close without it. You are advised to make every effort to sell your property at the highest reasonable price under current real estate market conditions. Please note we will require a fully signed HUD-1 Settlement Statement from when you bought your home. Please send this document for inclusion in your file.If you listed major improvements in your application, you must provide receipts for these items if you would like them to be considered. Current guidance is that the Prior Fair Market Value is the purchase price, but it is anticipated that there may be an adjustment for improvements in the final guidance. Improvements and receipts must be in accordance with the guidelines established in IRS publications 552 & 527 (http://www.irs.gov/)."

The great news about this HAP guideline, is that your monetary assistance may be based on your cost plus improvements, not just your initial purchase price. This means, HAP may cover more of the loss to your mortgage holders - so YOU will have to bring less funds to closing to cover the difference.

If you plan on selling your home for a PCS from Eglin or Hurlburt in Navarre, Destin, Fort Walton Beach, Niceville, Crestview or Mary Esther, Florida, contact a real estate agent who specializes in the HAP program. Don't let your home go to foreclosure!

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: [email protected]

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

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Comment by Wendy Rulnick on February 2, 2010 at 5:50am
John - Actually, their website just amended the order date to - before September 30, 2010- so I guess they do have more funds :)
Comment by Wendy Rulnick on February 2, 2010 at 5:43am
Hi John - Open to all servicemembers who pass criteria and are eligible! Even TAFB! Must have purchased their home prior to July 2006, and have orders issued before 12/31/09- ALTHOUGH more funds may be available for later PCS.
Comment by John M. Acaron on February 1, 2010 at 5:09pm
Hello Wendy,
You mention that Eglin AFB or Hurlburt Field airman PCSing qualify for U.S. military Homeowner Assistance Program (HAP). I will assume that the folks in the NAVY and TAFB are also included. I know of two of my military colleagues that fall in that category in NSWC-PCD (NAVY). Please advice? I will be glad to pass the info if it is applicable. I’m a professional Engineer at the NAVY base as well as the owner of HOMEINSPECTORUSA, LLC here in PCB. You can reply to me at this site or at: [email protected]
Regards/John

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