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 email@example.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--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!
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!
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.
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.
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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.
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.
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?