Anyone familiar with Department of Defense's Homeowners Assistance Program for soldiers deploying?

I have a few soldiers being relocated for the military. Has anyone experienced this program? Or are there other government programs to assist in the handling of upside homes? How does the process work? Do we submit a normal short sale package to the bank and let them know we're looking for this program approval, like HAFA? I read somewhere the they won't pay for Realtor's commissions? Any information or experience is greatly appreciated! Thank you!

 

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Thank you everyone for your wonderful feedback! This helps immensely. Now I know what to expect and what to ask for!
I have one in process right now that is moving along and the last one that I closed in February closed contract to close in 65 days.
My client has not been wounded or ill, per the website it states that those need to be circumstances. He's being relocated with his new orders to Delaware. Are there military programs that will help with short sale? He's not being sent to war either, he's just being relocated for his new orders. Any thoughts would be greatly appreciated.
I have a HAP sale closing next week and should have another right behind it. There is a program for PCS as long as they meet the guidelines of HAP

Jennifer,

 

Based on my recent experiences with the HAP program (3 in the last 6 months) - I would highly recommend that you not use HAP in conjunction with a short sale.  The HAP program is more likely to assist the transferee through their "foreclosure benefit".  Our process looks like this at this point.  List the property, obtain an offer, submit it for short sale, and if necessary offer a promissory note to close the transaction knowing that HAP will pick up the tab on the prom note.

 

When I was originally handed these files I thought it was a gift and that the banks would rush the file through because they are getting more than market value for the homes because of the HAP participation.  The exact opposite is true, the banks don't have a process to handle more than market value and so the files take even longer because they have to be escalated through the chain of command so many times.

 

Secondly, HAP is difficult in a short sale because the banks have their delegations and HAP has their delegations and getting the two to line up often means that someone has to defy the operations manual to accomodate the transaction.  It isn't impossible to accomplish but is considerably more work and hassle and it will add additional time to the transaction than if you had simply submited the file as a short sale.

 

Good Luck!!

 

Cameron Piper

Coldwell Banker Burnet

licensed MN Broker

Jennifer Klein said:

My client has not been wounded or ill, per the website it states that those need to be circumstances. He's being relocated with his new orders to Delaware. Are there military programs that will help with short sale? He's not being sent to war either, he's just being relocated for his new orders. Any thoughts would be greatly appreciated.
For expanded HAP for PCS the person needed to have orders by september 2010.  They also needed to have bought their house before July 2006.

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