Financial help may be available to you through the Homeowners Assistance Program (HAP). HAP Department of Defense program that is managed by the US Army Corps or Engineers. HAP was initially used only to assist in Base Realignment and Closure (BRAC) moves, but the new economic stimulus plan has expanded the program to include Permanent Change of Stations (PCS) moves.CHANGES IMPLEMENTED ON HAP SITE 9/30/09:1. Qualifications include: PCSing more than 50 miles, having purchased your home or entered into a contract to purchase prior to July 1, 2006, it was your primary residence, and your orders were between February 1 2006 through September 30, 2012. 2. Your home must have declined at least 10% in value. 3. Current program applies to those who received orders through December 2009, with a report date no later than February 28, 2010. 4. HAP benefits are based on the amount of the original purchase price The full amount of your negative value will not be reimbursed. 5. The site claims the government will provide benefits within 60 to 90 days of receiving your documents. As of Jan 2010 there were over 2600 application in the Georgia office and no HAP benefits have yet been paid to my knowledge. 6. You may be reimbursed your mortgage interest, tax and insurance premiums you paid from the time the Army Corps of Engineers receives your application (conventional HAP only) 8. The government claims they will make up “liabilities” to servicemembers from a foreclosure, but not past due payments or junior liens you obtained after buying the property. 9. Some of your closing costs will be paid for, including title services and Realtor fees. 10. The government recommends you use a Realtor to sell your home and states that using a Realtor will may increase your chances of finding a buyer. 11. You are required to market your home for at least 120 days. Your initial list price should be obtained by the Corps of Engineers automated value model for at least 30 days. 12. Your benefits will be taxable as income to you. 13. Per the Realtor Guide , you or your Realtor must maintain records of price changes, showings, offers, etc to demonstrate that the house was not sold at too low a price. The CoE office will obtain an appraisal to verify the price was within market range. If the sales price is considered too low, no benefits will be paid. 14. There are maximum price range limits for assistance. In Connecticut the purchase price limit for benefits is $417,000.
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