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What is a HAP Seller?

HAP QuestionsCrofton MD Real Estate Q&A

Q.  What is a HAP Seller?

A.  I recently mentioned on my Facebook page that I was listing another HAP home in the greater Crofton area, and I wished that more active duty military personnel qualified for HAP. A few minutes later, someone asked me this very question.  In Facebook language, the answer was very short:

HAP is the DOD Home Owners Assistance Program for eligible active duty military personnel with PCS orders and some civilians affected by BRAC. By using HAP, eligible sellers can avoid a short sale and move on without financial or credit devastation.

Here’s the longer version:

“HAP” is an acronym for the Department of Defense (DOD) Homeowner’s Assistance Program. Eligible active duty military personnel and certain civilians affected by 2005 Base Re-alignment and Closure (BRAC) qualify for financial assistance if their home is “under-water” or “upside down” –  i.e., they owe more on it than they can sell the property for in today’s market. 

Who qualifies?  Some homeowners who face financial loss when selling their primary residence in areas where real estate values have declined because of a base closure or realignment announcement, active duty service members and DOD employees who are wounded, injured or become ill when deployed, surviving spouses of service members or DOD employees killed while deployed, service member and civilian employees assigned to BRAC 05 organizations, and service members required to permanently relocate during the home mortgage crisis. There are many details further clarifying the qualifications, so let me refer you to the HAP website for more information.  

Date of purchase seems to be the #1 thing eliminating local home owners from HAP:  the property must have been purchased before June 30, 2006. Unfortunately, many service members who sorely need this benefit are ineligible because they acquired their homes later in 2006 or in 2007.  Yet their home value has gone down as much as 30%.  Yes, even here in the greater Crofton area.

If you’re a Crofton area resident and believe that you or someone you know may qualify for HAP, please contact me. 

Two earlier posts on HAP: 

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