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Forums > VR SAM National Military Real Estate Forum > Help for Military Homeowners / Financial Crisis, Home Loan Modifications and Related Issues

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Topic: HAP rules publish on Federal Register!

Posted By Denise Korpinen on 11-05-2009 07:58 PM
Yes! Legislators attached our HAP tax piece as a rider to an unrelated but popular bill. In a vote of 403-12 the Senate moves this on for Presidential signature. I certainly hope the rumor it will be signed tomorrow is correct.

Not to be a downer...we need to keep in mind that there are quite a few applications in line to be processed. HAP Sacramento is leading the way in processing. Representatives there have said legal department is working out paperwork challenges on the "Government Acquisition" piece. As well "Final Rule" is yet to be published. There were expected to be some changes in teh way the 10% decline in value is calculated. As well- legal was working on guidelines for possible coverage of mobilized Reservists.

Are you going for Government Acquisition because you do not have the money for the 10% cost share? If so, and are a PCS or BRAC applicant and your property does not yet have a buyer- you need to find one. That is a fact not yet published on the HAP website. The governement is not set up to keep your house in inventory. Basically- you find the Buyer, Government buys from you, Government sells to your Buyer 1-10 days later. If you were waiting for these rules and hurdles to clear up to list your property its time to move! If you need referral to an agent who is spun up on this program, let Joe or I know.

More to come as it becomes available...HAP is no longer HAPless!

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flying j
Posts:474

11-13-2009 02:39 AM
Has anyone heard of anyone being reimbursed by HAP yet? I'm hoping members will post updates with any significant findings and lessons learned as they progress through the process....seems kinda quiet lately. As for me, I will close on my house at the end of the month. I will have to bring upwards of $60k to pay the mortgage off. I'm hoping it won't take several months to receive the benefit. I will update this blog as things move along.

DeniseKorpinen
Posts:474

11-06-2009 07:28 PM
HAP Sacramento has said they should be able to move those who have already sold forward fairly quickly if all the paperwork is in line. They are hoping to close next week with acquisition their first Wounded Warrior claim. Waiting on the legal department to complete their part.

wopick
Posts:474

11-06-2009 07:14 PM
http://news.yahoo.com/s/ap/20091106/ap_on_bi_ge/us_jobless_benefits_homebuyers Signed. Looking forward to seeing the official HAP website updated and an Approved on our application.

Denise Korpinen User is Offline

Basic Member

Posts:6

11-06-2009 12:58 AM
Yes! Legislators attached our HAP tax piece as a rider to an unrelated but popular bill. In a vote of 403-12 the Senate moves this on for Presidential signature. I certainly hope the rumor it will be signed tomorrow is correct. Not to be a downer...we need to keep in mind that there are quite a few applications in line to be processed. HAP Sacramento is leading the way in processing. Representatives there have said legal department is working out paperwork challenges on the "Government Acquisition" piece. As well "Final Rule" is yet to be published. There were expected to be some changes in teh way the 10% decline in value is calculated. As well- legal was working on guidelines for possible coverage of mobilized Reservists. Are you going for Government Acquisition because you do not have the money for the 10% cost share? If so, and are a PCS or BRAC applicant and your property does not yet have a buyer- you need to find one. That is a fact not yet published on the HAP website. The governement is not set up to keep your house in inventory. Basically- you find the Buyer, Government buys from you, Government sells to your Buyer 1-10 days later. If you were waiting for these rules and hurdles to clear up to list your property its time to move! If you need referral to an agent who is spun up on this program, let Joe or I know. More to come as it becomes available...HAP is no longer HAPless!

Denise Korpinen Realtor Prudential California Realty Cell (858)442-7233 Denise@theREAgent4me.com

HAPpy
Posts:474

11-05-2009 11:58 PM
I think this is what we have been waiting on. Will be signed tomorrow by the President then our payments will be tax free. H.R.3548 Worker, Homeownership, and Business Assistance Act of 2009 (Engrossed Amendment as Agreed to by Senate) SEC. 14. EXCLUSION FROM GROSS INCOME OF QUALIFIED MILITARY BASE REALIGNMENT AND CLOSURE FRINGE. (a) In General- Subsection (n) of section 132 of the Internal Revenue Code of 1986 is amended-- (1) in subparagraph (1) by striking `this subsection) to offset the adverse effects on housing values as a result of a military base realignment or closure' and inserting `the American Recovery and Reinvestment Tax Act of 2009)', and (2) in subparagraph (2) by striking `clause (1) of'. (b) Effective Date- The amendments made by this act shall apply to payments made after February 17, 2009.

Denise Korpinen User is Offline

Basic Member

Posts:6

09-29-2009 05:49 PM
Expanded Homeowner Assistance Program Interim Rule publishes on the Federal Register Wednesday. The rules are generally the same as originally published guidelines on Army Corps site. Greatest change is applications are to process in chronological order from transfer date for PCS applicants. See the 26 pages of Iterim rule here- http://www.federalregister.gov/OFRUpload/OFRData/2009-23418_PI.pdf Unfortunately, taxes will be withheld from any payments under current rules. We all are waiting for Congress to take action on H.R. 3590. Please contact your Congressional representatives as well as Rep. Pelosi and Rep. Rangel. Request they support Service Members by expediting passage of H.R. 3590!

Denise Korpinen Realtor Prudential California Realty Cell (858)442-7233 Denise@theREAgent4me.com

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Issues (and more) for Military Families”
VR SAM National Military Community Forum

Realtors, click here to view new
opportunities on
MORE SAM

Realtors, Click Here to Help
Distressed Military Homeowners.
Petition NAR