Hawaii military real estate owners can qualify for DoD's Housing Assistance Program. For many serving proudly in the military, being assigned to different posts throughout their careers becomes a fact of life. With such a high influx of armed forces personnel being stationed in Hawaii, many become property owners during their stay. However, with the crash of the real estate market and all the fluctuations that have followed, many face the possibility of a short sale upon their relocation to another station elsewhere, or deployment to a combat zone.
In response to service members facing financial losses due to the nature of military service, the Department of Defense has effectively implemented the Housing Assistance Program.
Here is a brief excerpt:
"The Department of Defense (DOD) is proud to offer the Homeowners Assistance Program (HAP) to eligible service members and federal civilian, including non-appropriated fund, employees. The program is authorized by law, and administered by the U.S. Army Corps of Engineers (USACE) to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement.
The American Recovery and Reinvestment Act of 2009 (ARRA) temporarily expands the HAP to assist service members and DOD employees who are wounded, injured or become ill when deployed, surviving spouses of service members, or DOD employees killed or died from wounds while deployed, service member and civilian employees assigned to BRAC 05 organizations, and service members required to permanently relocate during the home mortgage crisis..."
Should you qualify for the Housing Assistance Program and have additional questions about the program, contact me and I will be glad to explain in further detail what the program entails.