Do You Qualify for the Homeowners Assistance Program?
Service members are among the many demographics affected by today’s economy and recent mortgage crisis. The financial strain on military members and families who need to continuously transfer from one home to another to because of base realignment and closure can be staggering. Under the Homeowners Assistance Program you could be eligible for assistance or reimbursement for the financial losses you’ve suffered. Choosing a financial advisory agency can provide answers to your questions and help you more quickly resolve a stressful financial situation.
The Homeowners Assistance Program, or HAP, is offered by the DOD to certain members of the military. If you’ve suffered financial loss because you were forced to sell your home and relocate after a base closed or realigned, you may qualify. Qualifying for HAP means the government will reimburse you for financial losses or purchase your home. Financial consultants can provide insight into the program, application requirements, and the types of benefits that may be available to you. Through a professional, you can obtain the economic relief you need to avoid defaulting on your mortgage or foreclosure.
Who is Eligible?
HAP stems from the Demonstration Cities and Metropolitan Development Act of 1966, which offered some monetary assistance to military members and government employees. The American Recovery and Reinvestment Act of 2009 expanded on the 1966 act by offering assistance to service members and specific civilian homeowners experiencing monetary loss from having to sell their homes. In addition to service members who were affected by base realignment and closure, you may be eligible if you’re a surviving spouse or a wounded or ill military member.
If you qualify, you may receive 95% of the difference between the value of the property before your loss, and the value of the home when it was sold. Additionally, you may be reimbursed for closing costs. Another potential method of assistance is the purchase of your home by the government at 75% of the original purchase price, which then allows you and a realtor to sell the property to a buyer. Consulting a financial advisor will help you gain a better understanding of your options under HAP, especially if you’ve fallen into default or foreclosure.
If you have questions and concerns about HAP and how it applies to you, contact Capital Solution Services.