The Military Homeowners Assistance Program (HAP) has existed since the 1960’s to help military and federal civilian families who see the value of their homes depreciate. Last year Congress expanded the program dramatically to help new categories of military homeowners TO INCLUDE military families who purchased homes just before the market fell in 2006.
If you purchased a home before early 2006, and then were given PCS orders to another location afterwards, you may very well have been unable to sell your home due to the housing market crash. If you want to sell the home, but can’t afford the negative equity, there’s hope for you! HAP comes to the closing table and pays the difference. (Bonus: This entitlement is also retro-active! If you lost money on the sale of a home, apply and get your hard-earned cash back now!)
Congress initially set aside $555 million for the program. The money and expanded authority to use it were part of the mammoth economic stimulus act enacted in February 2009. Lawmakers added another $300 million to HAP funding through the fiscal 2010 defense bill. To learn more about HAP or to read this article in full, please go to: http://www.military.com/features/0,15240,215533,00.html?wh=news&ESRC=family.nl