Homeowner's Assistance Program (Expanded/PCS) App in...

[ChunksJR]

Submitted the beast of the application today.

The only beef I think I had was the fact that they wanted receipts of all improvements made when we moved in...things like Refrigerator, SOD/Sprinklers, Lawn Mower, lighting/room finishing/blinds. Yeah, I don't readily have those availible from 2006...but otherwise, I'll take the loss if I can truly get 90% of price paid...

Any good/bad experiences?

 

[Jim123]

Speaking of improvements, what about the errant car that recently remodeled the fence? (Or am I thinking of something else?)

Sorry, back on topic now...

 

[wlawr005]

Submitted the beast of the application today.

The only beef I think I had was the fact that they wanted receipts of all improvements made when we moved in...things like Refrigerator, SOD/Sprinklers, Lawn Mower, lighting/room finishing/blinds. Yeah, I don't readily have those availible from 2006...but otherwise, I'll take the loss if I can truly get 90% of price paid...

Any good/bad experiences?

I wasn't eligible for HAP because I bought my house after July 1, 2006. Make sure you signed your paperwork before that date.

 

[P3 F0]

I found the process painful, severely lacking in communication, and vague in terms of what we needed to provide. We were notified several times out of the blue (long after we'd submitted the complete package) to provide something which wasn't mentioned prior. We were also worried the entire time that the program would collapse or that we'd be somehow disqualified, so we never actually expected anything out of it.

Having said that, once we got our check in the mail, it was entirely worth it.

 

[Gatordev]

So is the program still funded? I had put together most of my package when this first started but then deployed and "heard" they never got funding (obviously that was incorrect). So is it worth it to submit now? I was with P3 FO, I thought the whole program was going to collapse by now.

I think the one "big" thing I was missing was the form from your lender, which was Countrywide and no longer around. Not sure how you get around that.

 

[P3 F0]

I did the post-sale option, which, if I recall correctly, required nothing like that--we just needed all of the crap for the sale of the house once the sale was complete, along with several closing documents from the original purchase (and a bunch of other documents. But I don't recall anything being required from a lender).

As long as you meet the criteria, you're qualified. Put in your paperwork--the worst that can happen is you waste a few hours rounding up the paperwork.

 

[Gatordev]

Mine was post-sale, as well. I'll have to find the folder I have that has everything in it (not unpacked quite yet), but this was something that was supposed to be mailed to the lender. I guess I might as well try.

 

[P3 F0]

In the event I'm mistaken, submit the package without it. You should be assigned a case worker, at which point you can discuss the issue, and they may be able to move on without it or some sort of alternative solution.

 

[Gatordev]

Ahh, okay. That might be the "easier" solution. Thanks.

 

[Pags]

I know they were proposing to move the cutoff date to the right, which would be nice.

 

[ChunksJR]

I wasn't eligible for HAP because I bought my house after July 1, 2006. Make sure you signed your paperwork before that date.

24 Mar 2006, just by the hair of my chiny chin chin.

Having said that, once we got our check in the mail, it was entirely worth it.

That, does NOT suck. Congrats.

I think the one "big" thing I was missing was the form from your lender, which was Countrywide and no longer around. Not sure how you get around that.

We had/have the mortgage with BoA, which absorbed CW, who we originally got the mortgage with...The BoA website is surprisingly organized with exactly the 2 documents we needed in their "Loan Documents" link. (you do, however, need a login and Pword, but someone in India should be able to assist you in getting that.)

I know they were proposing to move the cutoff date to the right, which would be nice.

I have heard that there's a chance they'll discontinue it in 2012...which should make things interesting, as I have a lease-to-own contract with my tenants, which will expire in Feb, 2012...and they probably can't/don't want to pay the 50k over market that they agreed to 3 years ago...

 

[Gatordev]

Thanks for the gouge, Chunks.

 

[squeeze]

As someone who bought in August 2006 and is about $70k upside down, any slide right would be a blessing.

 

[MasterBates]

I bought in Jax in 03, and am still 30k upside down after paying $20k principal in January. Jax market sucks, and I bought nowhere near the top.

Sent from my PC36100 using Tapatalk

 

[ChunksJR]

Wow...got the reply today...below are the questions/quotes that I had to send back!!!! I'm eagerly waiting a reply that says, yes, I have to take a gamble on the US Govment...NO F'N WAY!

Sir/Ma'am,



I the attached letter from your office today regarding documents that are still needed to process the application and I have some very big concerns that I hope you can address.

1) Pg 3 (Documents needed): HOME IMPROVMENTS: According to the guide on the receipts, I can use a credit card statement but it needs to be itemized:

"Credit card statements showing a payment to Lowes, Home Depot, or other home improvement businesses or suppliers will not be approved as benefits for this program if there are no descriptions identifiable as valid home improvement items or services."

Is a list provided by me and handwritten on the receipt satisfactory? I don't have a legible receipt that I know of that provides the information on all the improvements.

2) Pg 3 (Documents needed): PROOF, ATTEMPT TO SELL and MORTGAGE VERIFICATION FORM

I have not sold the home yet, but am in an arrangement to sell the home on 1FEB2012 under a Lease to Own Purchase Contract. The tenant/buyer isn't required to apply for a home loan until 30 days prior (approx 1JAN2012) IAW the purchase contract that I submitted with the initial HAP application. You should have it in the records. If you don't please let me know.

Because of this, I will NOT be able to get these documents into you within your requested 20 days. If the buyer/tenant reneges on the purchase agreement, I plan to list the home on the market on 1FEB2012. What happens to my ability to utilize the HAP?

3) Pg 2, first paragraph, first sentence: "Once the opinion of value is complete, it will be reviewed to determine if you are eligible for benefits."

Do I need to sell the home before learning if I'd be eligible? If so, and I'm denied benefits, I have taken a double loss: The loss of the property and the loss of the capital. I cannot foresee taking ANOTHER gamble on selling the home just to find out that I'm not eligible for benefits.


4) Pg 2, first paragraph, last sentence: "Please note any benefit payment will be subject to availability of funds."

What is the current availability of funds? If I'm approved for benefits, but the funds aren't there, I'm plum out of luck? This, like my previous question, would mean that I'm gambling on the current state of the US Government's ability to pay the benefits. Am I reading that right?

5) If my buyer reneges on his contract to buy on 1FEB2012, I cannot afford to sell the home and then be denied benefits or be approved benefits only to never receive them because the funds are unavailable. I have to ask if there is any other way that we can apply for benefits without selling the home to a private owner or know if I'd be eligible BEFORE I have to sell the home?