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Based on the California timeline, how much time do I have? Do I have to look for another place to live now?
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It depends on when they filed the notice of default and it looks like that was the letter you got. Usually you will have from 3-4 months from then. But I have seen people go for over a year.
I wrote about active military help on my blog and you may want to circulate this amongst your fellow brothers
Military Homeowners Assistance Program | LoanWorkout.org Quote:
If you are a military personnel (and that includes members of the Coast Guard) or a civilian employee of the federal government working for the Armed Forces, you may be qualified. What is important here is that you must be living in that particular home and that you own it.
These are just the common requirements for HAP so don’t assume automatically that you will surely qualify if you belong to the above groups. What you must do is fill up an application and submit the various documents that they would require you. You won’t really know if you qualify unless you apply, right?
How Do You Apply?
The application form is known as DD Form 1607 or the Application for Homeowners Assistance Program. You may get a copy of this form at the HAP Field Office that has been designated for your particular location.
Don’t know the particular location of the HAP Field Office for you? Don’t worry. Just go to this site http://hap.usace.army.mil/HowToApply.html and you will be able to see a map that when you click will show you where to go. You will also be able to download the form and the instructions. It’s just as simple as that.
What’s In It for You?
Are you trying to sell your home and there are no offers or if there are, they are offering you a ridiculously low price? With HAP, the government can be your buyer. But, there is a big “but” here. The offering price will not be more than three-fourths of your home’s market value. Or, the offering price may be equal to what you currently owe the lender in your mortgage.
However, if you are lucky and you are able to find a buyer, although at a much lower price than the home’s market value, HAP may also help you. The government may give you the difference between the selling price and 95 percent of the property’s estimated market value.
And if the foreclosure process has been started, don’t worry, too, because you may still opt for the private sale benefits. As a foreclosure benefit, the government may also reimburse the money you have been forced to spend as a result of the proceedings.
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