There is a worthwhile housing program for our military personnel called the Homeowners Assistance Program. Enacted as law in 1966, this assistance program helps to provide monetary relief for service members who suffer a financial loss on the sale of a primary residence when a base closes or when realignment causes a decline in the real estate markets.
Essentially, the United States Government purchases and resells the properties that couldn’t be sold by the military personnel themselves.
This program is fantastic for those service members who are required to permanently relocate during our current national home mortgage crisis.
Here are some great positions about the Homeowners Assistance Program:
- VA Sellers do not have to prove hardship by missing mortgage payments to make themselves short sale candidates. In fact, it’s preferable for the homeowners to remain up-to-date with mortgage payments.
- As of May 2010, a HAP purchase should not negatively impact future VA eligibility for the homeowner. Also, credit scores should remain intact when applying for this program.
Please visit the HAP website (http://usace.army.mil) for more information. The American Recovery and Reinvestment Act of 2009 temporarily expands HAP to assist those wounded, including DOD employees.
Also, I would like to specially thank Empire Title for their awesome education about the Homeowners Assistance Program and how they work so diligently to make the arduous things seem serendipitously more simple.
Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC: 2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101