Comment

Comment by Wendy Rulnick on September 20, 2012 at 2:43am

HAP  program ENDS September 30, 2012. Get your application postmarked by that date AND your property under contract by September 30, 2012. If not, you'll have to do a traditional short sale or VA Compromise Sale. 

Comment by Wendy Rulnick on July 5, 2012 at 10:07am

Notice the HAP website has taken down the HAP Expansion Brief. They must be "revising" it.

Comment by Wendy Rulnick on May 9, 2012 at 4:38am

Has anyone had a HAP seller receive any funds at closing since the HAP Govt Assisted Private Sale program has ended?

Comment by Wendy Rulnick on February 9, 2012 at 2:57am

FYI - HAP GAPS has ended.

Comment by Kevin - Greenville, SC on January 21, 2012 at 8:15am

The  IG report on DoD HAP provides details on the issues that were found with the program and is open for comments until January 23, 2012.  If you are military service member eligible for DoD HAP benefits or has been denied benefits you should read the report and make comments on your experience with the program.

http://www.dodig.mil/Audit/reports/fy12/12-035.pdf

Comment by Amy Martin on December 7, 2011 at 7:09am

Thanks Wendy :-)

 

Comment by Wendy Rulnick on December 4, 2011 at 6:52am

Amy - HAP.  HAFA is still a short sale.  It will be recorded as "settled" on their credit.  HAP has no credit implications. HAP is a gift, and they ought to get it before the funds run out.

Comment by Amy Martin on December 4, 2011 at 5:11am

Thanks Wendy.

My seller is qualified for a HAP and HAFA program. Which one will you recommend and why?

Comment by Wendy Rulnick on December 3, 2011 at 10:24am

Comment by Wendy Rulnick just nowDelete Comment

Amy, HAP is not a short sale. HAP (U.S.Government) pays the mortgage shortfall for the service member at closing.  They have internal calculations, so yes, in  some few cases, the military member must bring money to closing. In other cases, they might get money at closing. They are always responsible for their taxes and HOA fees being up-to-date.  They must be current on their mortgage, HAP will only pay based on current mortgage.  The service member must meet basic qualifications. 1. PCS 50+ miles 2. property was their primary residence at time of orders (no later than Sept 2010 currently) 3. Property value declined at least 10%  4. Mortgage paid must have been to purchase or improve the property, so not a You should have your potential seller call HAP for a Yea or Nay to see if they qualify. Study the HAP website in the text box above.

Comment by Amy Martin on December 3, 2011 at 8:39am

Dear Wendy,

I have a few people who came to me and would like to do an Equity Sale./ HAP so it wont damage their credit at all.

I spoke with HAP rep and told me that going to HAP is not a shortsale. And if someone tells me that the seller did not come up with any money with HAP that it is not true.  As you can see I am new to these and would like to be educated. Would you be kind enough to give me a contact person at HAP that can educate me or other means to understand and do my first HAP? Thanks.

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