Information

HAP - Military PCS

Military "Homeowner Assistance Program" for relocating service members.

Members: 82
Latest Activity: Jan 24, 2016

Official HAP Website

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.

http://www.atg.wa.gov/uploadedFiles/Home/About_the_Office/Cases/National_Mortgage_Settlement/Mortgage_Settlement_Veteran-Service_Benefits-v1.pdf

Discussion Forum

HAP Customary Closing Costs

Started by Nan Pitcher Dec 19, 2012. 0 Replies

HAP GAPS Ends

Started by Wendy Rulnick Feb 9, 2012. 0 Replies

Just closed a HAP sale, what a marathon!!!!

Started by Jeff Payne. Last reply by Cheryl Calhoun Aug 25, 2011. 12 Replies

Comment Wall

Comment

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Comment by Wendy Rulnick on November 4, 2011 at 2:54am

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.

Comment by Cindy Jones on November 4, 2011 at 1:12am

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. 

Comment by Wendy Rulnick on September 14, 2011 at 3:35am

HAP NOTICE:

PLEASE BE ADVISED

THAT NO HAP CLOSINGS WILL TAKE PLACE BETWEEN  SEPT 19th - SEPT 30th DUE TO END OF THEIR FISCAL YEAR.

Comment by Wendy Rulnick on April 12, 2011 at 8:14am
Hi Reggie - Sorry I didn't get to your email quickly.  The homeowner can add the cost of improvements to their original purchase price as a basis for calculation.  They should apply to HAP, and they will be directed to the method that "saves"  them the most money.
Comment by Reggie Michel on April 12, 2011 at 8:04am

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.

Comment by Wendy Rulnick on March 9, 2011 at 7:28am
Gwendolyn - A VA short sale is called VA Compromise Sale.  We have a group for that here.  The process is similar to a short sale!
Comment by gwendolyn harvey on March 9, 2011 at 7:09am
I have a client who is getting a divorce and they purchased their home through VA. They are interested in doing a short sale. Is there anything in particular that I need to do since it is a VA loan? Also, are there any special programs for short sales for VA?
Comment by Wendy Rulnick on November 17, 2010 at 3:41am
I just had a HAP seller who got his VA deficiency/entitlement paid back by HAP. He did a short sale, then applied for HAP private sale. It was finally paid in November, after closing in April!
Comment by Bob Hanley PSC/EC/CDPE/e-Pro on August 6, 2010 at 4:45am
Is there any help for a military member being transferred who bough his home in 2007?
Comment by Wendy Rulnick on August 4, 2010 at 6:17am
Kathy - They'll contribute to second if it was used to purchase the home or for home improvements...
 

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