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Stimulus Package Helps Military Families Sell Homes

March 14, 2009 | Mortgage Loans | No Comments
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Many military families who were required to relocate because of change of duties have been hurt by the current real estate market.  Many of these families saw the value of their homes drop significantly. 

However, because they had to relocate, they sold their homes for a loss, couldn’t sell their homes or had to go into foreclosure.  Now there is help from the $787 billion stimulus package, signed into law by President Obama on February 17, 2009.  The stimulus package has a provision titled, “Military Homeowners Assistance Program (HAP)”.

HAP offers eligible applicants compensation for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater. Closing costs are reimbursed for private sales.  HAP extends to eligible n military homeowners who purchased homes before July 1, 2006 and who sell the homes before Sept. 30, 2012.

HAP was originally created because of the rising foreclosures and the credit crisis, and adds more than $400 million to help military homeowners who are in the middle of foreclosure, or unable to sell their homes in the event of a permanent change of station order.

HAP also assists wounded soldiers who must relocate due to medical reasons, and surviving spouses of fallen service members who are also forced to move.

For more information about the stimulus package go to Recovery.org.

 

 

 

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