HAP Homeowners Assistance Program - Government Acquisition GA and Resale Overview
Part 1
Here is a synopsis of a HAP Homeowners Assistance Program letter issued during the processing of one of my clients in Puyallup, WA. I have added "Puyallup" in front of applicant in the letter to increase key word density.
Files are assigned to the Government Acquisition program if the Puyallup Applicants current mortgage balance(s) 
are greater than 90% of their Prior Fair Market Value. Prior Fair Market Value is the price at which the property was purchased by the Applicant plus any improvements submitted, and approved by our Appraisal Department.
In this program the Homeowners Assistance Program - HAP will pay off the full mortgage balance on the original loan(s). If the applicants loan(s) have been refinanced, HAP will only cover the amount of the original loan. Therefore, if the refinanced loan is greater than the original loan amount or if a home equity loanhas been taken out on the property, the Puyallup HAP Applicant will need to submit receipts to cover thisdifference. Home improvement receipts that are submitted and approved by our Appraisal Department will deducted from the difference between the original loan amount and the new payoff amount. The Puyallup Homeowners Assistance Program - HAP Applicant will be responsible to pay any remaining difference.
In Acquisition and Resale the Homeowners Assistance Program - HAP will buy the property from the Applicant and resell it to the Applicant’s buyer at the agreed to sales price in the current contract between the Homeowners Assistance Program - HAP Puyallu Applicant and the Buyer. The closings are considered simultaneous, although the Homeowners Assistance Program - HAP Puyallup Applicant will sign closing documents before the Buyers close on the property. Therefore the closing date will be considered the same on both the Government Acquisition GA and Resale.
When a file is received in the Benefits department, funding is requested immediately. The file is then assigned to a Realty Specialist who will contact the Homeowners Assistance Program - HAP Puyallup Applicant to set initial contact. The Specialist will then do an initial review of the file and request any needed documents. An Offer letter will be submitted to the Puyallup Applicant within a week or so of the Specialist receiving funding for the file. The Offer Letter is signed by the Puyallup Homeowners Assistance Program - HAP Applicant, giving Homeowners Assistance Program - HAP the approval to proceed with the Acquisition process. Once returned to the Specialist, the Specialist will order title work and closing documents from the Homeowners Assistance Program - HAP title company. The HAP title company will handle the closing between the Puyallup Applicant and the U.S. Government. Title work and closing documents can take 2-4 weeks to return to the Homeowners Assistance Program - HAP Specialist.
*** Note: Any title work done by the Buyer’s closing attorney showing conveyance from the Applicant directly to the Buyer will be void ***
Good News for Military Short Sales and HAP, JBLM and the Army in Puyallup, WA
I have been working with the Military for years now, and in particular the last 3 years with HAP Homeowner’s Assistance Program in the JBLM Army base area. Although, no areas have been immune from the spiral of downward home prices, Puyallup and Lacey have been particularly hard hit. I have helped ALL branches of the service complete the HAP process. Army and Ft. Lewis, Air Force and McCord AFP, Navy and PSNS, and even the Coast Guard.
I can’t tell you how many times I’ve sat across the kitchen table from a military family, telling them they don’t qualify for HAP. You must to have purchased prior to July ’06 and PCSd prior to Sept. 30, 2010. These stringent and concrete dates have left many military families facing some tough decisions. I have, unfortunately, seen many a tear shed, and had to explain the Short Sale process and how it pertains to the Military JBLM service member. Not qualifying for HAP and having to do a short sale puts undo hardship upon military families often times creating, not only credit and financial issues, due to the short sale, but sometimes even estranging families due to the military family choosing to keep a spouse in the home while the other military family member moves on. Choosing separation from their loved ones rather than short sale is not just happening at the Army’s JBLM in Puyallup, or Lacey, but everywhere regardless of rank, or branch of service.
There is some Good News for Military Short Sales and HAP, JBLM and the Army in Puyallup, WA involving the recent settlement of some of the Big Banks for violations of the Service members Civil Relief Act(SCRA). The settlement has far reaching monetary compensation for all illegally foreclosed upon homeowners, but also for the military service member going thru, or that completed a short sale.
The settlement also has provisions for military homeowners who get Permanent Change of Station (PCS) orders. The banks will provide short-sale agreements and deficiency waivers to those servicemembers who were forced to sell their home at a loss due to a PCS and were not eligible for the military’s Homeowners Assistance Program HAP. This will help servicemembers who were underwater on homes they bought between July 1, 2006 and December 31, 2008, or who received a PCS after October 1, 2010.
You can read more about it HERE. If you feel that your rights were violated by one of the mortgage servicers in the settlement you can call the Justice Department at 1-800-896-7743. But you don’t have to call in order to get the help offered by the settlement, and you shouldn’t give information or money to anyone who says they will help you get in on the settlement! If the banks in the settlement owe you money they will try to find you; you don’t need to fill out an application or file a claim.
If you or anyone you know needs help with HAP or a Military Short Sale whether you're out of JBLM the Army, Puyallup or anywhere else call John M. Cameron 206-910-0200. You can also email me at johnrockshomes@gmail.com
HERE IS AN ACTUAL COPY OF A HAP CHECK
SOME USEFUL LINKS
HAP Homeowners’ Assistance Program Main Website
Military HAP Benefits Application
Military DoD HAP Program - Benefits Ft.Lewis, McChord, PSNS, Bangor Relocations
HAP : Homeowners’ Assistance Program - Aid for the Distressed Military Home Seller
Military HAP Benefits – The HAP Program, Homeowners Assistance Program Statistics
Good News for Military Short Sales and HAP, JBLM and the Army in Puyallup, WA
Well, it’s been a while since I updated on any Homeowners Assistance Program HAP benefits. I have been lucky enough, in the last couple years, to help 18 military families with their Homeowners Assistance Program HAP transactions, and have 3 pending. Most of these Military homes have been in the JBLM(Joint Base Lewis McChord) area, such as Puyallup and Spanaway, but have helped 3 Navy families in the PSNS region.
Without these Military Homeowners Assistance Program HAP Benefits these families would be in terrible financial shape. Unfortunately I have also met and talked with scores of military members from all over the country, not just Puyallup and JBLM, that don’t qualify for the HAP Homeowner’s Assistance Program. Most of these purchased after the 31 July ’06 purchase deadline or PCSd after 30 Sept of 2010.
Now that the Homeowners Assistance Program HAP has gained some recognition, and has been working for JBLM, Washington State and Puyallup military members for a while, I have had the unfortunate experience of having seen benefits denied even though my clients purchase and PCSd dates allowed them to qualify. The most common element of those HAP scenarios is that at some point a refinance or 2nd mortgage increased the amount owned on the subject property above the original loan amount. Military Homeowners Assistance Program HAP benefits will only compensate for original loan amount nothing over, except for repairs for the property. So save or dig up those receipts. These rules hold true regardless of whether you are in Washington State, the JBLM area, Puyallup or anywhere else.
According to Press TV “one in three families of war veterans, including active duty serving overseas, reservists and National Guard have lost their homes since 2008”
Now there have been some significant changes recently to where Military Homeowners Assistance Program HAP Benefits are being processed from. ALL HAP processing is now occurring in Savannah, GA. This happened a month ago. Previously Military HAP Benefits for for JBLM, Washington State and Puyallup were processed in the Sacramento office, which was notoriously sluggish. Some government acquisition files of mine sat there for over a year! Then they moved files to Ft. Worth, TX and processing sped up, now ALL HAP files are being handled in the one location.
The good news is processing is going quickly. The bad news is HAP Homeowners Assistance Program is running out of money. So hurry if you want to try and get in!
Even if you’re not selling in Seattle Tacoma Puyallup area, and I can’t meet with you in person I’d be happy to find an agent for you that knows the HAP Program, near you.
CALL ME 206-910-0200 or email johnrockshomes@gmail.com.
SOME USEFUL LINKS
HAP Homeowners’ Assistance Program Main Website
Military HAP Benefits Application
Military DoD HAP Program - Benefits Ft.Lewis, McChord, PSNS, Bangor Relocations
HAP : Homeowners’ Assistance Program - Aid for the Distressed Military Home Seller
Military HAP Benefits – The HAP Program, Homeowners Assistance Program Statistics
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Licensed in July of 1998, John has been a consistent top producer, and has proven track record of getting the job done in any market. As a broker, not just an agent, he's up to the task.
I have been in Real Estate since July of '98, and came into the business from Carpentry. I used to build them, and now due to Carpel Tunnel Syndrome, I sell them. I bring a blue collar work ethic to the industry, and to work for my clients. In my first full year as an agent I produced more than anyone in their first year in the history of my company. It is not just years in the business that defines a good agent buy experience in transactions that counts. I have averaged one home bought or sold every 14.7 days in my career.
I have tremendous computer and digital imaging prowess that I bring to the marketing table for my clients, and can put their home up in lights using Adobe Photoshop. I have a sales methodology that literally causes a home to sell. My web marketing is absolutely top of the line, with listings featured on REALTOR.com, CENTURY21.com, TRULIA.com, Zillow, Google and MANY MANY MORE!
If you want the power of the largest real estate company in the world, and a great personable agent to work with...I AM YOUR MAN!
I specialize in Military Relocation in the areas from Bremerton and PSNS to Ft. Lewis and McChord AF base in Puyallup/Spanaway.
Testimonials
To:
John Cameron <john@johnmcameron.com>
Subject:
Testimonials
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Show All Headers
John was a great realtor to work with. I spoke to many realtors in my
life and John is easily the most knowledgeable. He understood the
military well and was able to guide me through the process of selling
my home in an extremely tough real-estate market. He was also the
only agent I spoke with whom had an understanding of the army's
Home-owner Assistance Program (HAP). John most impressed me at the
close of my home sale when, despite not getting anymore money in his
commission, he fought for my interest and was able to get me an
additional $500 at the time of closing. I have sold four homes in my
life and John was head and shoulders above the other three realtors.
Not only is he easy to speak with but he has a great handle on the
business and financial side of real estate. Please do not hesitate to
contact me with any question.
Sincerely
Dr. Matthew Kidd, Captain, US Army, Medical Corp
"John is honest, hardworking and did a great job for us!" Mark Correria and Sarah Marsh
Sent: Thu, Jun 3, 2010 10:35 am
Subject: Testimonial
About two years ago my wife and I started the search for our first home. We
were extremely excited and optimistic. We were using another agent with a
different firm and we were not seeing anything close to the house we were hoping
to find. We started to question everything - Where we being unrealistic? Did
the type of house we want not exist in our area? The process of finding a home
was becoming overwhelmingly frustrating.
We met John through mutual acquaintances and stayed in touch. While discussing the current market and our
situation with John, it became quickly evident that John's passion and knowledge
of not only our local market, but the real estate business and the housing
market as a whole was much stronger than our current agent. We decided to make
a change and asked John to help us find a house. Without question, that single
decision was the best decision we made in the entire house hunting experience.
In the previous two years, we had seen dozens of houses but none got us excited to the point of purchasing. When we started looking
with John, most of the houses he showed us were what we wanted and a few got us
really excited - we had options! Long story short, within weeks of starting to
work with John, we had found our dream home, negotiated and were under contract.
After that, John advised us through the mortgage, inspection and closing process
and without question saved us money and frustrations in every step of the
process. In less than two months working with John we found, purchased and
moved in to our new home. We would like to express our wholehearted
appreciation for John and his commitment to finding our first home. We would
not have found our house without his passion, drive and knowledge. Simply put -
because of John, we have a home. Thank you!
Scott and Mary Kate Baker
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