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Please Help with HAP Questions
Last Post Oct 15, 2019 06:16 AM by maureenowaters. 52 Replies.
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anon1
Posts:831


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Nov 26, 2009 01:30 AM
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This is awesome! Now if they'd just move applications along in a timely manner, we'd be set! This is a great step in the right direction though. That tax thing may have made it so we couldn't close on our house cause we'd have to come to closing with 50-60K in taxes and we don't have that kind of money just sitting around. I'm so glad this passed before the majority of people were to start getting buyouts/payment, etc. from HAP. YAY!
Karen
Posts:831


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Nov 27, 2009 08:45 PM
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Hi all. As far as opting for either government acquisition or selling and being reimbursed through a private sale, this is something that you must declare on your application. Should you change your mind you will have to go through the process again. Once you choose which option you want they are going to go by that decision. So weigh your pros and cons before you actually apply.

We were contacted today to say that although our application was originally declined because of the city/county % loss, they have now said that we do qualify. We have a buyer (renting from us since last week) and our package is ready to go to benefits. Our processor said that they are coming to closing in less than three weeks turn around on these appls. Should you be asking to include house improvements in your house price it is taking longer to process.

My adivice to all of you is to stay on top of your situation. If you are declined due to the lack of county % decline, fight it. Do your own research, get proof and then submit that proof. The company that the DOD is using to verify the figures only has about 20% of counties on file. So any information you can provide they will use. Should you still be turned down, don't give up. HAP is still waiting for the final revision and the county issue is suppose to be taken out of the equation at that time.

We were originally turned down yet I knew from my research that there was over 20% county decline. I provided them with the proof and we are now going to benefits.

Have a blessed holiday season to you and your families.

karen
JMB
Posts:831


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Nov 28, 2009 08:00 AM
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I am jumping in late to this and this is the first time I've posted here but I am stuck at a point in one of the earlier entries in this series. Is it really true that for the government acquisition you have to have a buyer? There is no reference to that on HAP's site and it doesn't make sense to me. Also, they (HAP) reference the fact that you have to prove your marketing of the house and have it priced right by the CoE automated value model which I can't find any reference to specifics for. Does anyone have experience with this, did they deem your marketing efforts reasonable?

While I'm posting, I'll ask if anyone has liquidated enough assets/taken personal loans to sell the house "regular" bringing significant funds to the closing table (20-50K) and then applied for HAP to be partially reimbursed for covering the short sale?

Thanks,
Jodi
HAPpy
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Nov 28, 2009 12:08 PM
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I have learned two things about HAP this week. If you were at an installation that was announced for BRAC you get 95%. Pay close attention to your application number if you are in this situation.

The other thing is if you do a short sale and any delinquency forgiven that will be taken away from any entitlement.
flyingj
Posts:831


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Nov 29, 2009 03:28 PM
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Jody,
I only have an answer to your marketing question. I'm at the stage of waiting for closing (been approved by HAP). I found my buyer in three weeks. I recommend starting your list price at the hi end of price per sq footage in your neighborhood and then simply progess downward to the low end if necessary to find the market. As long as you're selling at the "going" rate (wrt price per sq footage) then you won't have anything to worry about. If you're selling price is lower than the "going" rate in your community (your realtor should help you figure this out) then you would be wise to keep on the market for at least a few months in order to defend your marketing efforts as "reasonable".
Jodi
Posts:831


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Nov 29, 2009 03:41 PM
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You may have actually answered my other question if you've been HAP approved for government acquisition in that you found a buyer--unless yours is a short sale that you've been HAP approved for reimbursement?  If you're interested in sharing the details I think they may be helpful to us.  My email is jodiblazel@yahoo.com.  We've had the house on the market a couple of months as a short sale which NO ONE wants to deal with.  We've lowered the price significantly already...

anon1
Posts:831


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Nov 29, 2009 07:47 PM
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Hello,

I just wanted to mention to those out there conisdering the govt. buyout at 75% (or I believe the remaining mortgage balance).... It may be in your best interest, if you happen to have made extra payments to principal during your time in the home, to try to sell it with a realtor or by yourself first to recoup some of that extra you've put in. We put all my DH's extra deployment money toward house payments (to pay down a crazy high interest HELOC 2nd mortgage), so for us, taking what remains on our loan (or the 75%) wouldn't make sense. Just be sure you look at all you've put in (i.e. extra payments, upgrades to the house, etc.) before turning it over to govt. and walking away.

I'm shocked there are people who have had determinations on their claims already. We applied literally the week after the president signed the stimulus (about Feb. 20th or so) and just now received a "case number". We have a buyer sitting waiting to close on the house, but we cannot close without the money from HAP. Until then, we have a renter. I guess I have no idea how they're doing it or whether those who have heard from HAP with a determination either PCS'd before us (july) or maybe got their app in before us??? How on earth are they determining the time line for processing?!?!

Anyway, all my best....
anon1
Posts:831


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Nov 29, 2009 07:49 PM
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I also have another question:

We had initially put in receipts and filled in the space on the app that asks if we'd made any home improvements to our house... Since we redid the carpet and landscaped the backyard, we had about $10K in home improvements. Is that one part on the application enough for them to factor that into our prior fair market value and take it into account or are those of you who are asking for home improvement costs also sending something else in? Just curious.

Thanks!
JMB
Posts:831


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Nov 30, 2009 07:28 AM
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anon1--WOW!  I am shocked that you have a buyer willing to sit and wait for who knows when for HAP and a renter that is ok with the fact that they're going to have to leave as soon as it goes through--how did that work out?   I can't find a buyer willing to agree to a short sale due to the timeline much less wait for the government to come through with funds....Seriously, how did you market with the HAP situation and where?

Congrats on getting that all lined up, that is great!

anon1
Posts:831


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Nov 30, 2009 04:40 PM
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Thanks, JMB...

Yeah, we kinda lucked out. Since Vegas is a mecca right now for investors, we (with the help of our realtor) found an investor who was happy we'd get a renter before we sold it and they'd essentially just take over being landlords when HAP came through. I'm not entirely sure they'll wait indeffinately though, and I am pretty sure our house value has gone down since they signed the purchase contract, so not sure how all that will play out when its time to actually close (fingers crossed).

I think the big thing was to market to someone who either would rent to buy or an investor who just wanted a rental property to begin with. I can't imagine someone actually looking to move into a home would be willing to sit and wait. Unless they had lots of time on their hands. Especially cause HAP requires the actual purchase contract, so they'd be legally obligated to buy it, no matter how long it took or whether they found something "better".

I'm pretty sure my realtor has done the rent to buy with another HAP house and those people are also just sitting in the home paying rent that is higher than what their house payment will be (another miracle to find someone willing to do that) for whatever length of time it takes. I think people realize the killer deal their getting on the houses in Vegas, so they're maybe more willing to wait?? We bought our house for 250K and now its worth less than 95K if that's any indication of the great deal.
ABK
Posts:831


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Nov 30, 2009 06:37 PM
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Hi, I have HAP denial questions.....in Nov we received a HAP denial due to our county did not sustain a 10% loss. We appealed that decision and last week we were contacted that HAP had received new county data and the determinaton may change. We were then were notified via email that HAP was in the procee of "preparing our HAP benefit payment" and need our HUD-1 from when we bought our home in 1999. We faxed that in and of course were excited as we thought we were going to receive a "payment." A few days later we received a letter DENYING US AGAIN, now based on that the value of our home did not suffer a loss equal to or greater than 10%. Is HAP using the incorrect HUD-1? They are taking our HUD-1 when we bought our home 9 years ago. Our understanding is that the home loss is based on what your home was valued at the time of selling and what you eventually sold it for. We listed our home 9% below fair market value and sold it at 17% below fair market value. Is Prior market value based on our original purchase price or the selling price? The HAP expanded brochure states "include a copy of Form HUD-1 to show our selling price and documentation that the selling price was the true current fair market." Also, has anyone experienced multiple denials? We had applied in June 2009, this process has been very taxing and frustrating to go through the whole application process (just locating and copying all necessary documents was a chore) and being denied....again. Appreciate any feedback. We are in the process of contacting the Fort District for further clarification; however they are very limited in taking calls. We plan to appeal....again...and again. Thanks!

anon1
Posts:831


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Nov 30, 2009 11:20 PM
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ABK,

Sorry to hear of your frustration. I am frustrated as well as we applied in Feb. 2009 and haven't heard one thing on our application or elligibility. This whole process is certainly draining, especially the roller coaster. You think you have good news and something good comes out about HAP and benefits and then wham you're back to not knowing anything or, in your case, getting bad news. Urgh.

Anyway, it is my understanding that the prior fair market value is what you purchased your home at. You have to have suffered a 10% or more loss between that value and the value you ended up selling it for. Correct me if I'm wrong, anyone. I think they're assuming in general their is an "allowable" 10% depreciation because of the terrible turn the market took and the "risk" of buying real estate. I'm not sure how they came up with that 10% thing, as it kinda seems arbitrary like most of their other guidelines and numbers. Oh well.

Best of luck to you. Please keep us posted and anyone else who has more accurate information, feel free to chime in.
ClearfieldJoe
Posts:831


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Jan 21, 2010 01:19 PM
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Once a "verbal' approval is received from the Savannah ACE Benefits section what is the processing time to formal approval and closing.
anon1
Posts:831


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Jan 21, 2010 02:13 PM
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Hey, Clearfield Joe:

I know that from the time we got our verbal approval (long before the approval arrived in the mail) it was maybe a couple months. They still needed lots of documentation that we were constantly sending in, faxing, emailing, etc. They also need to get documents from title, etc. prior to closing, so all of that can hold it up, even once you have been approved.

Good luck to you!
Clearfield Joe
Posts:831


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Jan 21, 2010 05:22 PM
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Did you sell under the enhanced HAP that went into effect in November or the prior HAP??  I'm hoping that the new HAP that is in effect until May moves a little quicker since you have to bring a buyer to the table upfront.

 

 

anon1
Posts:831


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Jan 22, 2010 12:57 AM
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We sold under the expanded program for PCS. We PCS'd back in July and also sold our home that month. We just added the provision that sale is contingent on HAP funds. Buyer was willing to wait MONTHS to get this completed so it worked out well, but I know its frustrating for them too since they can't just sign the purchase contract and close within the "usual" timeframe.

Joe and Deb - VR SAMUser is Offline
VR SAM
Senior Member
Senior Member
Posts:328


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Jan 22, 2010 05:38 AM
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Just as a comparison, if the alternative to HAP is a short sale, a short sales can take from 2 months (very optimistic) up to a year.   Both require you to come to the table with a buyer, and as you can imagine, it's very hard to find a buyer that patient.   So as frustrating a 2 or 3 months can be, it is certainly looks better than that alternative. 

Best of luck and please keep us updated on your progress. 

Joe

 

Veteran Realty Serving America’s Military, Inc., VR SAM®,  is a partnership of retired Military Officers and Spouses, all Military Realtors, serving Military Families purchasing or selling homes in the Northern Virginia region including Fairfax County, Prince William County, Loudoun County, Fauquier County, Stafford County, Arlington, and Alexandria,  Many of our purchaser clients are PCSing to the Pentagon, NRO, Fort Belvoir, Fort Meyer, Anacostia, Bolling AFB, Andrews AFB, Navy Yard, Quantico, Coast Guard Headquarters, and other NOVA military installations.   VR SAM also serves a large number of defense contractor employees and Federal Employees from the FBI, NCIS, CIA and other agencies.  Call VR SAM today to learn about our industry leading purchaser client credit and competitive listing programs and rates. 

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Clearfield Joe
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Jan 22, 2010 08:43 AM
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Thanks for the information.  Hopefully personnel will continue to share information on the time it took for their process to complete.

Sandi
Posts:831


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Feb 04, 2011 04:20 PM
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We used the HAP program and closed on our house in July 2010.  We just received a 1099S for the sale of the home...Proceeds from a Real Estate Transaction.  This form has the wrong closing date, wrong closing amount, and the wrong city and state of the home.  Under HR 3548, Unemployment Compensation Extension Act of 2009 (Public Law 111-92) which exempts Expanded HAP benefit payments from Federal taxes (maybe not state taxes), I didn't think we would get a 1099S.  Bottom line, need to know who to contact on finding out if we were supposed to get a 1099 and if so, how to get it corrected if necessary.

Sandi
Posts:831


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Feb 04, 2011 04:22 PM
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 Should I have received a 1099S on the sale of my house under HAP?  If so, do you know who to contact to get the closing date, amount of sale, and city/state of property correct?

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