The Homeowners Assistance Program (HAP) compensates servicemembers and certain others who suffer a financial loss when forced to sell their primary residence due to base closure, reassignment or medical relocation during the mortgage crisis. But, some may only have until September 30, 2012 to apply.
You may be eligible for assistance if you are a:
- Military member undergoing PCS (permanent change of station)
- Surviving spouse of fallen service member
- Service member relocated due to base closure
- Veteran who is wounded or ill and needs relocating for specialized medical treatment
Homes financed with or without VA home loan benefits may be eligible
Reassignment or relocation dates must have been between February 1, 2006 and September 30, 2010 and qualifying primary residences must have been purchased before July 1, 2006. It’s possible that these residences were financed using VA home loan benefits, but it is not a prerequisite for HAP assistance. Homes financed with VA loans may be protected from loss in other ways. If you meet HAP requirements, you may receive up to $729,750 in compensation based on the purchase price of your home.
Wounded Soldiers and Surviving Spouses Exempt from HAP Application Deadline
Certain eligible members may be exempt from the HAP application deadline. Those wounded in combat and surviving spouses are given top priority and may still be able to apply for HAP assistance after the September 30th cutoff.
The Department of Defense has budgeted $555 million for this program which was designed to assist military members and civilian defense employees during the mortgage crisis. If you think you may be eligible for HAP compensation, visit the HAP website to apply. Contact a VA loan specialist to find out more about the veterans’ mortgage program.
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