The Homeowners Assistance Program (HAP)

If you're looking for up-to-date information on the Homeowners Assistance Program (HAP) then, hopefully, the following details will give you a better indication of what's involved.

The majority of military homes have suffered in the US housing market downturn in recent times and are caught in the negative equity trap due to the decline in the value of real estate.

The Homeowners Assistance Program (HAP) is a facility to help military personnel and defense employees sell their homes and avoid foreclosure. It was originally set up in 1966 and was updated in 2009 and called The American Recovery and Reinvestment Act (ARRA) with new provisions put in place, making it easier for people to sell their homes in the current economic climate.

This new option added to the HAP in 2009 and managed by the defense department, is to help ease the financial burden, which has faced the majority of military personnel and their families in trying to sell their homes, which was only previously available to related people who were forced to move due to base realignment and closure (BRAC).

How can the Homeowners Assistance Program (HAP) help me sell my home?

This new reimbursement scheme was set up and passed by Congress through the Obama government with approximately $1 billion set aside to help with this ongoing problem. The new procedures have been put in place to allow military people and Department of Defense employees to help pay part of their outstanding financial deficit on their homes through government financial assistance or the program can offer financial guidance to help clear the debt or any outstanding balance left on your home after the sale.

Who qualifies for the Homeowners Assistance Program (HAP)?

All military personnel including wounded or injured people, Department of Defense (DoD) employees, surviving spouses of ex-military people, and Coast Guard employees.

If you think that you might be entitled to financial assistance through the Homeowners Assistance Program then, you've certainly come to the right place.

 

If you need more information about the Homeowners Assistance Program (HAP) program or need to sell your home please give me a call.

Robert Schwabe - (904) 403-2429