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Senate Bill Could Mean Help For Upside-Down Travis AFB Personnel Who Need To Move
February 3rd, 2009 categories: Fairfield-Gr Valley, Loans / Financing, The Economy
Whether or not this makes it all the way through Congress and to President Obama’s desk remains to be seen, but the Senate version of the Economic Stimulus Bill (SB 336) presently contains a provision that would provide relief to military personnel who are relocated to another base but whose home is upside down mortgage-wise.
Locally, that could be a big help to those military personnel stationed at Travis Air Force Base in Fairfield who are being transferred elsewhere but owe more than their homes are worth.
Under the Senate bill, those who are affected would be able to participate in the Army Corps of Engineers’ Homeowners Assistance Program (HAP). As it’s presently set up, HAP assistance is available only for military personnel who are relocated due to a base closure.
The bill, as it’s presently drafted, would allow temporary mortgage relief to military personnel who bought their primary residence prior to July 1, 2006 and who are unable to sell their homes due to declining home values.
The last time I remember seeing HAP-assisted sales in our market area was in the mid-1990s, when Mare Island and the Alameda Naval Air Station both closed.
This, of course, is all premature, since it’s possible the Senate bill could change before the senators vote. And, even if it does pass, Congress will then have to meld the Senate and House versions into one final bill. So the HAP provision could be removed from the bill that is ultimately sent onto President Obama for his signature.
The president has said he’d like to see the final bill by Feb. 16 (President’s Day), so there should be some final resolution one way or another within the next two weeks.
Related Article: Stimulus Bill Proposes A REAL Tax Credit
