ZEPROG!

The HAP Program was developed to help military personnel to put their home on the market even though they are in a situation where they owe more on their house than it’s worth. It’s a solution that has specialized standards to be eligible and secure the help, and it can be a hassle.

An under water property loan is one whereby the amount of money owed on the home loan surpasses the current market price of the house. Many property owners who own Newport News real estate or Langley Air Force Base homes find themselves in this scenario, but with military families already squeezed to get by on much less than the private sector, they are in even more complicated circumstances.

For most homeowners, the only cure to being upside down on a property loan is either to do what’s called a short sale or let it go to foreclosure. Military families that purchased a house during the height of housing prices have an alternative choice. The HAP was designed to eliminate thYou will finde negative balance when your home sells. Realtor fees, commissions, repairs, attorney’s fees, etc. are pretty much all dealt with by the HAP program.

HAP is a superb tool for some military families, yet it won’t come without its own set of difficulties. There are still rather detailed measures that need to be obeyed if you wish to get your property successfully sold and close. Any sort of delays from introducing mistakes in that documentation can potentially end in delays to your closing date and ultimately cause your buyer to back out. Erin Melton with RE/MAX Peninsula, who is an expert in Hampton Roads real estate, puts it like this; « It is not a simple technique and it doesn’t transpire instantly, but the finished job allows my military families the prospect to move forward. »

The real estate bubble of the recent six to eight years has put quite a few young families in a desperate situation. The Housing Assistance Program is one great way for helping military families to rid themselves of that stress. To check if you meet the criteria for the Housing Assistance Program, please talk to Erin Melton directly at 757-784-1358 or visit her online at TideHomes.com.