This townhome at Country Villas, Shalimar, Florida has been approved as a HAP (Homeowner Assistance Program) sale. HAP is a program designed to assist United States military service members who have orders to relocate bases, and are upside-down in their mortgages. Meaning, they owe more on their mortgage than their current market value.
Just how quick was this HAP approval?
The property went under contract two weeks ago. The seller, an Eglin Air Force Base service member, sent HAP his final application documents, a copy of the real estate contract and a Broker Price Opinion which I provided.
HAP approved the sales price within one week.
Another week later, HAP approved the service member for benefits!
The next steps? The HAP Government Aquisition program (also called augmented sale) will buy the home from the servicemember, pay his remaining balance on his mortgage, and re-sell the property to the buyer. HAP will use its own title agency to purchase from the airman, and we can choose a local title agent to facilitate the purchase between the government and the buyer.
If you are an Eglin AFB or Hurlburt Field airman, consider using the HAP program if you are PCSing and upside-down in your mortgage. And contact an agent who specializes in HAP.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]