For many years the government offered help to military home owners having to sell due to a base closure or force re-alignment. Not until this year did the government help military home owners who needed to sell because of PCS (Permanent Change of Station) orders.
With the real estate market in such a decline nationally, the government saw a need to take some of the financial burden off of military home owners who are having to sell their homes for less than they owe on their mortgages.
While there is some speculation that the guidelines for the latest pool of stimulus money could still change, here are some resources for you if you are a military home owner having to sell your house for less than you owe because of PCS orders:
1. This Web site provides information on eligibility for the Homeowners Assistance Program (HAP) as well as the steps to apply and the paperwork you’ll need: http://hap.usace.army.mil/. To get started, click on the “Am I Eligible?” button and then click on the red “PCS Members” under the “Expanded HAP Programs subheading.”
2. This PDF explains the VA Compromise Sale Program. This program requires that you place your house on the market and receive a contract to purchase the house before you can apply. Click here to download the PDF.
I’ll continue to provide you with all the latest information on the stimulus package from President Obama and its effects on home owners and home buyers as it becomes available.
