Contact MargaretMilitary Homeowners Get Relief from Housing Market
March 13th, 2009 Categories: Real Estate Information
Military families in the Greater Crofton Area will be glad to learn they could now be entitled to some relief from Obama’s stimulus package.
It comes in an expansion to the Homeowners Assistance Program, known as HAP.
While HAP was originally intended to provide relief to military homeowners affected by closing of military installations due to BRAC, it was subsequently extended to help those affected by the credit and foreclosure debacle. Now it will also help
- Military personnel with PCS orders who are unable to sell their homes
- Wounded warriors required to relocate for medical reasons, and
- Surviving spouses of fallen service members
The Department of Defense will reimburse these individuals up to 95 percent of the loss if their home was purchased before July 1, 2006. According to Military.com, the department could also elect to purchase the homes for up to 90 percent of the fair market value. (My question would be this: “fair market value” at the time of their move or at the time they purchased the property?)
Many details are yet to be determined, since this was just signed into law on February 17. According to the HAP website, DOD is in the process of establishing policy guidance on applicant processing and benefits. In the meantime, potential applicants should download, complete and mail the application to appropriate HAP districts (Savannah for personnel on the East Coast), with the understanding that no action will be taken on the applications until further guidance is received.
I’ll keep watch for more details and publish updates as they become available, so be sure to check back periodically for more information about this.
Source: USACE.com, MOAA.com and Military.com
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My husband and I bought a home in Mass in 2004. We have PCS’d or did a military move to Fort Knox, KY. in July, 2004. We are not able to sell the house. Do you think that this provision will also give us relief as military homeowners who can not sell our house even though our house is located in Massachusetts?
Thank you.