Homeowners Assistance Program

 

Homeowners Assistance Program (HAP) helps military families

This is a mortgage and foreclosure assistance program that is offered to eligible service members and federal civilian members. The primary goal of the program is to help homeowners who are struggling with their mortgage payments, and assist those who may face financial loss when selling their primary residence. Aid is provided depending on your situation, but it may include :

Homeowners Assistance Program Help and Benefits

The HAP program provides you with assistance in four ways. For applicants who are signed up into the program, the Federal Government may offer aid in the form of :

  • They may compensate you for part of the loss experienced from selling your home.
  • The government may purchase your home by paying off the mortgage in full.
  • Help you, if you don’t have the cash or income from the sale of your home to payoff your current, existing home loan.
  • Provide foreclosure help if you have no other choice but to default on your mortgage.

Government Purchase

An eligible applicant may elect to sell the property to the government and receive, as the purchase price, an amount not to exceed 75% of the appraised fair market value prior to the date of the announcement, or the current total amount of outstanding mortgages, whichever is greater.

 
 

 

 

Assistance With Private Sale

Qualified applicants can be compensated for the monetary difference that is between 95% of the appraised fair market value of the home prior to the announcement of the program date, and the the difference between the appraised value of the home at the time of sale by the owner, or the total sales price, whichever is greater. Another benefit for military members is that closing costs are reimbursed for private sales from the Homeowners Assistance Program.

Foreclosure Assistance

For those who have no other choice, if home foreclosure proceedings have commenced on your property, an applicant can decide to receive private sale benefits or foreclosure benefits. Grants to help with foreclosure and the program benefits may be paid directly to the applicant to reimburse the homeowner for the foreclosure costs that are paid by the applicant, or those expenses that are paid to third parties on on the homeowners behalf.

 

[Mortgage foreclosure help] [Federal government assistance] [State assistance] [Mortgage help from banks] [Get mortgage help] [Contact us] [Get mortgage help]