Don Chapman, Head of HAP – Speaks in Fredericksburg
To recap – The Homeowners Assistance Program (HAP) was put in place to assist:
Wounded, injured or ill members of the Armed Forces(30% or greater disability) and wounded Department of Defense (DoD), including Coast Guard and civilian employees reassigned to further medical treatment or rehabilitation, or due to medical retirement in connection with their disability;
Surviving spouses of wounded warriors;
Base Realignment and Closure (BRAC) 2005 impacted homeowners relocating during the mortgage crisis; and
Service member homeowners with orders for a Permanent Change of Station (PCS) move during the mortgage crisis.
Sitting in and listening to Don Chapman discuss the Homeowners Assistance Program was definitely enlightening. He brought up some great points of interest and clarified some of the misperceptions/misinformation associated with the program.
Don shared data which showed that HAP has purchased 48 homes to date and has helped approximately 500 families. He also indicated that there are presently 5900 applications in process.
He touched on many valuable points of the HAP, but the following stood out:
* When applying for HAP, do not fax or e-mail your application as it may end up lost in others’ paperwork. Instead, mail it directly.
* It is better for the family of the PCS member to stay behind until the house sells as to not incur two mortgages, making your first mortgage payment unaffordable before HAP is able to assist.
* If you are behind on your mortgage, HAP will be unable to assist you.
* You must have purchased the home prior to July 1, 2006 for PCS eligibility.
* HAP will review appeals, but they must be written and submitted to the executing district for review.
* For wounded, injured, and surviving spouses, HAP will assist after a foreclosure. If the home is sold through a private sale, HAP will reimburse 95% of purchase price, minus the sales price and any closing costs.
* For those who have PCS orders, HAP benefits will pay up to 90% of the purchase price, including any closing cost and realtor fees.
If you have questions on the HAP program, visit the website at http://hap.usace.army.mil/
Or if you live in the Fredericksburg real estate market, call Ruthie or Jeff for more information.
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