The recently passed Federal stimulus bill (The American Recovery and Reinvestment Act of 2009) provides assistance to military members who are permanently reassigned during the current housing crisis. A military member qualifies if s/he:
- Was relocated more than 50 miles away;
- Purchased the property before 7/1/06;
- Sold the property between 7/1/06 and 9/30/12;
- Occupied the property as his or her primary residence; and
- Has not previously received these benefits.
The program allows the military member to recover 95% of the loss incurred by being forced to move if a sale has already taken place. If a sale has not occurred, then the government can acquire title to the property by paying off the balance of the mortgage or paying the owner up to 90% of the home's previously appraised value.
To apply for the benefit military members must complete a DD Form 1607, Application for Homeowners Assistance Program.
More information is available at
www.militaryfinancenetwork.com
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