Fort Meade - USNA - Andrews AFB: July 2010

Military Families-Options if you are Upside Down on Your Mortgage

MNavy couplearyland military families stationed at Fort George G. Meade, Andrews AFB, Naval Station Annapolis, the U.S. Naval Academy, the Pentagon, and other nearby military installations will benefit from reading this post about the Homeowner Assistance Program (HAP) written by my Virginia colleague, Cindy Jones.

Just substitute "Maryland" for "Virginia" and the name of your own duty station for the military installations listed throughout - Other information about HAP accurately applies to you.

I am re-blogging this post with Cindy's permission, and either of us will be happy to answer your questions about the Homeowner Assistance Program (HAP).  Please be sure to mention that you read this on the Maryland Real Estate Blog.

 

Via Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World):

In a real estate market where prices have declined military families with PCS orders face a difficult decision.  Do you hold on to your home and rent hoping for prices to rebound in another 3-5 years or attempt a short sale and hope that your lender will consider PCS orders a "hardship?"

There are two other options that may be available for you to consider as weill. Military families stationed at Fort Belvoir, the Pentagon, Quantico and other Military District of Washington installations who purchased a home prior to July 1, 2006 may find that Homeowner Assistance Program (HAP) may offer some relief if you have upcoming PCS orders to move.

The HAP program is aimed towards helping:

Active Duty Military Personnel with PCS orders who are upside down on their mortgage
Wounded soldiers who must relocate due to medical conditions (wounded after 9/1/2001)
Surviving Spouses (death of military member after 9/1/2001)

If you live in Northern Virginia and you are anticipating PCS orders in 2010 and you qualify for HAP, now is the time to start gathering your documents and call the HAP Field Office for our area (located in Savannah) at 800-861-8144 for additional information.

Download information on how to apply for the HAP program.

If you have a VA Loan you may be eligible for a VA Compromise Sale. In our region of Northern Virginia the VA Regional Office which will provide you with the latest updates is the Roanoke office. The VA Compromise sale does have several factors that are important to remember:

• The property must be sold for fair market value.
• The closing costs must be reasonable and customary
• The compromise sale must be less costly for the Government than foreclosure
• There must be a financial hardship on the part of the seller
• On loans that originated on or before December 31, 1989, the seller must be willing to sign a promissory note
• There must be no second liens or other liens (unless the amount is insignificant).
• The seller must first obtain a sales contract in order to be considered for the program.

To protect the seller's interest, the seller should make the sales contract contingent and/or subject to the approval of a VA compromise sale.

VA Compromise Sale Information Packet

There is an extensive list of VA approved list of Loss Mitigation Servicers available on the VA site. A VA Compromise sale does require that the VA approve the HUD-1 be reviewed and approved by the VA prior to settlement so making sure the buyers documents are in order at least 48 hours in advance is a must.

If you are stationed at Fort Belvoir, the Pentagon, Quantico or any of the Military District of Washington installations give Cindy Jones a call at 703-346-2213. Let's see if a VA Compromise Sale or the Department of Defense HAP program might help you with your future home sale.

This infoMargaret Wodarmation was provided to you by Margaret Woda, an Associate Broker with Long & Foster Real Estate in Crofton Maryland. Contact Margaret today for general real estate information or to learn how she can help you buy or sell a home in Annapolis, Bowie, Crofton, Davidsonville, Gambrills, and Odenton. 

Crofton real estate

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Comment balloon 0 commentsMargaret Woda • July 30 2010 03:43PM
Military Families-Options if you are Upside Down on Your Mortgage
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