HAP program for military benefits east coast over west

The Homeowner Assistance Program (HAP) is a wonderful program for military members.  Essentially it offers assistance to some homeowners who face a financial loss when selling their home in areas where the real estate values have dropped because of base closure or realignment.  The good news is that the DOD has expanded the program to help during this current mortgage crisis.  Unfortunately it benefits the east coast and does not offer much help to military members on the west coast, where the mortgage crisis hit almost a year later.  Those who transferred west to east were the lucky ones,  they were able to sell high and buy low, they are ahead of the game.  With most military members having to transfer every 3 years, it isn’t practical for anyone who purchased a home on the west coast, such as Washington State at the beginning of this crisis.  The deadline to qualify for HAP, was to purchase before 7/1/2006.  On the east coast the crisis was just getting started, however here in Washington, prices were still at their peak.  For those being transferred to the west coast from the east coast during the 2006-2007 year,  they were forced to sell low and buy high.  Unless the service member had a crystal ball, and was able to predict what the news and so called “professionals” were saying that “it would not last” or “move west” to the same extent as the east coast, they now find themselves $100,000+ underwater without any assistance.   These families are forced to make hard choices.  If they, like their non-military counterparts choose to Foreclose, short sale or file for bankruptcy, it could jeopardize their military career, especially officers.  Lose house and career in a job declining atmosphere?  I don’t think so.  This has caused serious financial hardship on many of our military members who transferred from east to west ahead of the mortgage crisis.  Unable to do what a civilian can do, and without help, these members are forced to make some difficult choices.

http://hap.usace.army.mil/homepage.asp