Found this article in The Virginian-Pilot. This may benefit the many military families at Fort Jackson in Columbia, SC and many others across the country.
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By Josh Brown
The Virginian-Pilot
© February 27, 2009
For many military families, the prospect of moving and selling a home amid the biggest housing decline in decades is daunting, but a little-touted provision in Congress' economic recovery package could throw some a lifeline.
The stimulus package includes $555 million in aid to compensate military service members who are given orders and must sell their homes for less than market value. The Department of Defense would reimburse the individuals for up to 95 percent of the loss if the homes were purchased before July 1, 2006. The department could also elect to purchase the homes for up to 90 percent of the fair market value.
Iris Finn, an agent for Exit Realty Professionals in Virginia Beach, said military members across the region have gotten stuck with homes after getting orders amid the slow market.
"People are excited about the program, and they're confused," said Finn, who specializes in working with military families. "They're hoping it works out in their favor."
Finn said the confusion stems from uncertainty about how much homeowners would be reimbursed and who would be eligible.
Regional Director with Exit Realty. Responsible for opening new Exit offices in NC and SC. Also responsible for recruiting agents. Please call me if you are interested in learning more about Exit.
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