Assists eligible homeowners who face financial loss because of housing costs that dropped because of Base Realignment and Closure (BRAC). The American Recovery and Reinvestment Act of 2009 temporarily expanded the program to include service members and DoD employees who become wounded, injured, or ill when deployed, along with surviving spouses of those killed or died of wounds incurred while deployed, service members or civilian employees assigned to BRAC 05 organizations, and those service members required to permanently relocate during the home mortgage crisis.
The Homeowners Assistance Program (HAP) benefits you by potentially reimbursing you for part of your loss when selling your home, paying off your mortgage when the sale of your home isn't sufficient to cover that cost, purchasing the home from you by paying off the mortgage, or providing other assistance should you default on your mortgage. Whichever way in which you need help, most situations are processed in two to three months after all paperwork has been submitted.
- Private sale - HAP can compensate you for the difference between 95% of the appraised fair market value for the property before the announcement date and the appraised value at the time of sale. If the sales price was higher, then that is used. With this option, closing costs are reimbursed.
- Government purchase - Your property could be purchased at 75% of your purchase price or mortgage payoff and then sell the home to the buyer you and/or your realtor found. HAP will also pay the realtor fees.
- Foreclosure assistance - If you find yourself with foreclosure proceedings underway, you could choose to receive foreclosure benefits or private sale benefits via HAP. The foreclosure benefits could go directly to you to reimburse for foreclosure costs you've paid or they could be paid to others on your behalf.
More information on HAP can be found at http://hap.usace.army.mil/. You can download the HAP Application and a guide for filling out the HAP application.