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Do You Know a Military Family in the Crofton Area?

If you know any Crofton area military families, please share this with them.  The information may apply to them or someone they know.

Sign - SaleMany military families have avoided severe financial hardship and loss by using the DoD HAP Program when military orders forced them to relocate at a time their home value was less than the outstanding home loan balance  In fact, the program had paid 4,825 applicants a total of $725.5 million, as of February 23, 2011, to help fill the gap between the housing debt and home value of military home sellers at the time of sale. Unfortunately, HAP had a backlog of 4,897 eligible applicants at that time.

Holly Petraeus said, in the Stars and Stripes, that the extra $550 million Congress appropriated to expand HAP has been used and no more military families are getting that special help.  As head of the Office of Service Member Affairs in the new Consumer Financial Protection Bureau (CFPB), she probably knows what she’s talking about – but I sure hope she’s wrong, and so do the many military families with applications currently pending (not to mention all the “eligible” military families who haven’t yet applied for HAP benefits).

Worrying about financial devastation is the last thing military personnel and their families should be worrying about, and HAP has helped to resolve this concern for many families. I think we all owe it to them to help get out the word that they have an opportunity until January 23, 2012 to comment on the IG report on DoD HAP.  Let’s help make the response overwhelming, so the Feds know how many people are impacted by the DoD HAP Program.

If you or someone you know has PCS orders, I’ll help you find out if you’re eligible to use DoD HAP benefits for selling your home in the greater Crofton area.  Military personnel who are NOT eligible for HAP can contact me to find out if Fannie Mae’s six month military forbearance program, the Home Affordable Foreclosure Alternative (HAFA), or the VA Compromise Sale may be good options.

 

         

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