Replies to This Discussion

Permalink Reply by Wendy Rulnick on July 29, 2011 at 5:00am

Ben - HAP is not a short sale!  The government pays the mortgage balance if the service member qualifies...The HAP application should be initiated before listing. 

Permalink Reply by Ben Racela on July 29, 2011 at 5:13am

Thanks Wendy.  The property is already listed though.  Any potential issues?

Permalink Reply by Wendy Rulnick on July 29, 2011 at 5:13am

Read here http://hap.usace.army.mil/

Permalink Reply by Wendy Rulnick on July 29, 2011 at 5:14am

No, but your seller needs to make application to HAP to speed up the process when you get a contract.  He also needs to have had PCS orders no later than Sept 2010, his primary residence at the time of PCS, orders for more than 50 miles away.  HAP will not pay equity lines that were not used for home improvement.

Permalink Reply by Jeff Payne on July 29, 2011 at 5:27am

That is OK, have your seller make application NOW.  HAP is quickly running out of money according to my source at HAP.  I have one closing in few weeks and just got an approval on another that will close next month but they told me to hurry because funds are running out.

As Wendy said, HAP is NOT a short sale.

Ben Racela said:

Thanks Wendy.  The property is already listed though.  Any potential issues?