HAP - Military PCS
Information
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.
Discussion Forum
Just closed a HAP sale, what a marathon!!!!
Started by Jeff Payne. Last reply by Cheryl Calhoun Aug 25, 2011. 12 Replies 0 Likes
Comment Wall
Comment
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Comment by Kathy Batterton on August 4, 2010 at 6:07am
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You are right, Wendy which is why he needed to short sale. However, why is the second (PMI on the second) asking for HAP contribution? If HAP comes through won't they only contribute to the first? Why would they care?
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Comment by Wendy Rulnick on August 4, 2010 at 5:54am
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Kathy - All I know is they say they will only pay the "current" amount so they may not make up missed payments by the service member.
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Congrats. Here's a twist: 6 months working a short sale with Suntrust b/c seller had to stop payments before HAP could come online. Seller also has no $$ to take to closing. So, 80/20 loan. Second has PMI. 6 months in, first has singed off but now PMI won't sign off on second until they know what the HAP contribution will be....HUH???!!!!! So now we are another month in while the seller works on HAP. Of course you know where this is going...Suntrust will get tired of waiting (They are soooo easy to work with, aren't they??!!!) and start us over yet again!!!!!!!!!!!!!! Can anyone contribute to this?
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Comment by Janie Booth on August 4, 2010 at 5:29am
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Yes, congrats, Jeff! And thanks, Wendy. We are in same situation, second used mostly for home improvements, but having trouble finding the receipts. My seller is contacting a HAP real estate counselor for more specifics and I'll let you know if we have any luck.
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Congrats, Jeff!
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Comment by Jeff Payne on August 4, 2010 at 4:20am
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Got it, I have read so much lately my eyes are crossed PLUS I took 15 listings in the last 2 days, TIRED!!! Thanks
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Jeff - Sorry it's on Page 18 of the expansion brief. They will reimburse if equity or second line was used for property improvements, if not originally used to buy the home. I am sure the seller would need detailed receipts.
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Thanks!! What happens if they did not use it for the original purchase? Short sale?
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See HAP Expansion Brief page 30 - second mortgages.
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Jeff - If it was used to originally purchase the home - yes they should.
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