Tim
Posts:633
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| 01-09-2012 08:45 PM |
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Mary, my recommendation to you and your husband is DO NOT accept the deal. I went thru the same thing at the end of 2010 with BoA. It was for 6 months and they promised at the end I would get a loan modification. Well, at the end of the 6 months they told me that I needed to pay all the interest and late fees which total was over $35,000. And they told me that if I didn't pay, they would foreclose. So, becuase I had a $205K negative equally, I called their bluff and told them to foreclose. Then they offer me a better resolution of doing a short-sale. Which I did, and my home was sold for $85K from the original $290K. And the bank had to forget/write the balance off. And my credit score was not affected at all. You see the bank would rather take a loss instead of doing any deals with the homeowners. That's becuase all banks have their own insurance to cover for cituations like this. So they get the money anyway and they also get whatever they can from the short-sale. That in addition to what they get from you from the last couple of years of interest and fee. So, don't take it and force them to do a short-sale instead. Good luck! |
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mari
Posts:633
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| 01-09-2012 08:00 PM |
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Maybe some can help us...My husband is in the Navy and we are struggling with our mortgage company for over 2 years trying to refi or modify..
Finally after being behind for 9 months our mortage company decided to put us in a 3 month "step" payment...after the payments are done and IF we qualify we'll get a modification...however, they will add our late payments to our loan along with late fees... my question is is that something that is worth signing and working with. they said that our modification would be 2% fix for 3 years and 3.25% on the 4th and 4.25% on the 5th and fix for the life of the loan...however the value of our home is over $200,000 less than what we owe...would you stay if you were in our shoes? or walk away? |
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GUESS
Posts:633
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| 01-05-2012 07:01 PM |
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Still skeptical about the HAP program. In the past two months we have been going back and forwd requesting a payoff quote from my lender to pay my short-sale deficiency, but nothing has been paid. Every week they ask me for a new payoff quote...this seems a scam or a gross mis-management. So it has been 13 moths since I apply and still have not receive anything. |
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Denise Korpinen
Posts:633
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| 09-09-2011 06:06 PM |
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| Guess- which district are you working with? If the timing you mention is correct, and all your paperwork has been in and complete all this time- you should have been done in no more than 90 days on a short sale deficiency payout. They may be missing something and are not pursuing you for it, or file is totally lost somewhere. Be sure that you exhaust all options in contacting HAP directly first. If you have exhausted all contact options for HAP and are not getting an answer, next best bet is to contact your Congressperson. Most of them have a form on their site for you to authorize communication with the government department you are having the challenge with. HAP responds fairly quickly to Congressional inquiries. |
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Guess
Posts:633
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| 09-09-2011 05:33 PM |
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Well, it has been another month and the Army HAP office still does not have any updates for me other than, is still in the final approval process. It has been 9 months since I applied and no benefit has been paid yet, even though I do me all the qualification requirements. I'll update again next month. |
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DeniseKorpinen
Posts:633
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| 08-25-2011 11:58 AM |
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All- I am sad to hear so many of you are having problems obtaining benefits. I have several clients also having issues with the length of time it takes to process. I have helped to close over 30 HAP sales- so I do know the program works. Sometimes it takes more effort and patience than others.
I’m in the DC area now. I am working with some members who know government systems and have been lobbying to move the purchase and orders dates to include more members. We are trying to get more media exposure for those “left out” of HAP. There is a producer who wants someone left out by purchase date and/or orders date to interview for potential story. Please contact me if you were excluded from HAP for either of those reasons asap. Can add you to the group so we have a louder voice and see if you meet producer’s profile for interview. Please note that I, and others involved, recognize there are merits to multiple other angles (how difficult the processing can be, accessions not being qualified, etc). We are trying to do as the producer asked to assure the interview happens. Working other angles as well from a different direction.
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Guess
Posts:633
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| 08-10-2011 09:16 PM |
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| I have also done everything the same as all above. In Mar this year a received a letter saying I qualiy. Then a month later received an email requesting for the verification of my short-sale deficiency and payoff quote. A month after that I received an email saying they were abligating my funds but never told me what the amount was. They also told me they were on the final steps to complete my application. But I have not heard anything from them anymore since 30 Jun 11 and is really hard to contact anyone. All you get is a phone machine. So even if you qualify is taking more than 8 months. I wonder how much longer until I see my deficiency paid. It also worries me that I don't know anyone in the military who has actually receive anything from HAP. The latest report show they have already distribute over $650M of the total $720M. And I have close friends in the AF, Army, and Navy. Will keep everyone posted...if I see any funds. |
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fort bliss
Posts:633
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| 07-17-2011 06:58 PM |
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I agree that the HAP program is nothing but a joke. I spent over a month getting paper work together and making copies. I sent everything in and got a denial letter a week later. I have never talked to anyone who has been approved by this program either. It is a waste of time and energy! I just wonder where all the allocated money for this program is going? It certainly is not helping the men and women serving our country! |
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USAF WIFE
Posts:633
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| 06-05-2011 04:34 PM |
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| The hap program is nothing but a joke. I have many friends that have been trying to do it including myself. We have got all the papers they asked for sold our house while my husband is in iraq. It took me forever to get everything they asked for. My husbands orders came on sept 10th of 2010 before the hap deadline but two days after his order came in, Iraq took priority and they shipped him there for a year before we leave for our next base. I did everythinng hap told me to. It was stressful on my entire family. Finally right as everything was done they said we did not originally qualify because my husband went to iraq before we got orders to our next base. Soooo what your saying is because my husband is risking his life protecting you instead of going strait to our next base we can not recover the 80,000 dollars we now loose in selling a house that is due to the military moving us because there was no room for us on base?? Am I getting this right?? The orders came sept 10th,the cut off was Sept 30th. We have paper work showing those are the dates they came in but the actual orders wont be cut till he returns from iraq. So we dont qualify. We have other families that are going through the same thing while there husbands are in Iraq, korea , and even Afghanistan. What a complete joke! The worst part was having a person who could have told us in the first place we didnt qualify did not do so and sent us on a wild goose chase getting everything done. I have yet to talk to anyone who has had the Hap program work for them. |
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flying j
Posts:633
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| 11-13-2009 02:39 AM |
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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. |
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DeniseKorpinen
Posts:633
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| 11-06-2009 07:28 PM |
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| 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. |
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wopick
Posts:633
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| 11-06-2009 07:14 PM |
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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. |
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Denise Korpinen
Basic Member
Posts:7
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| 11-06-2009 12:58 AM |
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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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| Denise Korpinen
Realtor
Prudential California Realty
Cell (858)442-7233
Denise@theREAgent4me.com |
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HAPpy
Posts:633
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| 11-05-2009 11:58 PM |
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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. |
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Denise Korpinen
Basic Member
Posts:7
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| 09-29-2009 05:49 PM |
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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-
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! |
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| Denise Korpinen
Realtor
Prudential California Realty
Cell (858)442-7233
Denise@theREAgent4me.com |
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