I don't know who to trust and who to believe.
My application is currently with HAP. I have a condo in California and I got PCSd to Miami.
Can someone tell me:
- If I sell for a loss, how much will HAP pay me/bank for the loss? What percentage?
- Are we really exempt from all taxes on our HAP benefits now? No tax issues to consider?
- Do I have to tell the Bank I'm using HAP? Does it matter if they know? As long as they the the loan paid off I guess it shouldnt' matter. I don't want to deal with Wells Fargo because they were a nightmare to deal with in the past.
thanks for any help.
If anyone here has been through the HAP process and can leave their phone or email address, I would greatly appreciate it.
Go to the following website:
Read CFR 32 Part 239 and the FAQs. If you have any questions after that, I'd be happy to assist you.
My husband is an AD Marine. We applied for HAP in March as well. We PCS'd overseas in August and are still waiting on any information. We purchased our home in SC for 276k and were told by our relator that he could not list it for anything higher than 190k. We are just barely able to keep making the payments. Does anyone have an opinion on trying to rent it at this point in time?
Hi folks, have been catching up on forum posts and wanted to clarify a couple of items. I may have slept through this, but my last information was that we were still awaiting final legislation that made any amounts covered by the government from HAP a non-taxable event for federal taxes.
Angela, do you have a link that clarifies this? Under the BRAC HAP program it was exempt, but the stimulus language for the PCS HAP overlooked that exemption and it was my underrstanding that folks still had to pay the taxes until the letislation was signed. Again, have been on the road and may have missed it.
Also, while many of our service members are from states that exempt military from paying state taxes, each state may view this differently so you would want to check with your accountant / tax preparer on all of this.
Angela, thanks for your insight. Joe Gladden
Now that I look I'm really not sure which bill number it is. In any case, USACE says benefits are tax exempt and I know I've seen it blogged all over the place but I didn't catch the number and my google results aren't so great.
Thanks. Knew it was coming, just couldn't remember if it had been signed. Joe