Have you heard about the Us Department of Defense Homeowner's Assistance Program? The program's details were released this month with additional help to military members needing housing assistance.
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According tho their website, The American Recovery and Reinvestment Act of 2009 (ARRA) temporarily expands the HAP to assist service members and DOD employees who are wounded, injured or become ill when deployed, surviving spouses of service members or DOD employees killed or died of wounds while deployed, service member and civilian employees assigned to BRAC 05 organizations, and service members required to permanently relocate during the home mortgage crisis.
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For those military families facing financial struggles because of one of these situations can find help by clicking here. The program is authorized by law, and administered by the US Army Corps of Engineers (USACE). The USACE executes the program for all the military branches and HAP administrators will immediately start processing applications.
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If you need assistance, start working towards this immediately, there are a lot of families who will be needing this program.
2 comments:
from my understanding the HAP program, with regards to PCS's, will cover your losses up to 75% leaving you to pay 25%.
Example: you owe $400K on your house and it's only woth $200K.
HAP will cover $150K leaving you to cover the other $50K.
They (Government) are still working to fix this. which means you must keep contacting your Senators to fix it.
Yes, you are right, HAP does only cover a portion of your losses. But if you look at some different numbers such as you owe $250K and it's worth $200K, then you are looking to make up $12,500 instead of $50K. It doesn't completely solve the problem, but it is a HUGE step in the right direction.
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