Unaccompanied Posting/Dual Residence

[wesleyd]

Currently posted to Kingston Ont. in July. Once I received my message I set up an account with Brookfield and put my house on the market. Got my appraisal done and set the price accordingly. This was in early March my house still hasn't sold and I have lowered the price well below the appraised value. I am going up unaccompanied hoping the house sells within six months otherwise I will apply for IR.
I asked my IRP rep about the dual residence allowance and she explained it, well read it out of the manual like I did. It is pretty straight forward but it states that benefits only last for six months. I asked what happens if my place still didn't sell by then and the reply was "I don't know". My question is that if I move my family to Kingston and have two mortgages what happens after six months my house still doesn't sell? I can't afford two mortgages and if all the benefits stopped I would go bankrupt.
Any ideas?
Thanks

 

[Occam]

A couple of points:

TDRA doesn't pay the principal on either of your mortgages (if you took out a new mortgage at destination prior to selling at origin).  It only pays the interest portion of your mortgage payment at origin until your house sells.  It also covers maintenance, utilities, taxes and insurance.  The principal is your problem, though.

TDRA is core funding for the first six months, custom funding after six months, and personal envelope after custom is exhausted.

edit: for clarity

 

[captloadie]

To be more specific to Occam's response, it is covered after the first 6 months until the funding in your custom and personal envelopes runs out. If you have used up these funds on other things, mortgage buydown for instance, then at the end of the six months, the funding stops.

If you can't afford two mortgages, you have a couple of options including going IR. You may have to lower your price even further, but be careful about listing below your original purchase price. You need to jump through some hoops if you do this and want to claim the Home Equity assistance allowance. Be aware that any loss greater than 15k may not be reimbursed. If you search for HEA on this site, you'll see why.

 

[wesleyd]

Just lowered my price again today, really don't want to go IR. The intention of the posting was to move the family to Ontario. This is my first inland posting in 23 years. The market is not very good in Halifax right now. I am priced below appraised value and there are similar houses on my street priced 40 to 50K higher than me.
On the NJC website, which I thought we followed. There is a clause for public servants to be able to lower the asking price up to 10% below appraisal and they will get up to 15K from core to make up that difference. It isn't home equity assistance it is called HSA (home sale assistance) not sure why CF does not use this as well. I asked IRP and they know nothing of it and keep going back to HEA which is a dfferent beast entirely. Has anyone heard of home sale assistance?

 

[Occam]

Just lowered my price again today, really don't want to go IR. The intention of the posting was to move the family to Ontario. This is my first inland posting in 23 years. The market is not very good in Halifax right now. I am priced below appraised value and there are similar houses on my street priced 40 to 50K higher than me.
On the NJC website, which I thought we followed. There is a clause for public servants to be able to lower the asking price up to 10% below appraisal and they will get up to 15K from core to make up that difference. It isn't home equity assistance it is called HSA (home sale assistance) not sure why CF does not use this as well. I asked IRP and they know nothing of it and keep going back to HEA which is a dfferent beast entirely. Has anyone heard of home sale assistance?

If you're on the NJC website, I'm not sure what you're looking at - Public Service, RCMP, Members of Parliament, or something else.

Disregard, I see the NJC now hosts the IRP for all federal gov't departments, including the CF.

Our IRP Directive is at http://www.cmp-cpm.forces.gc.ca/dgcb-dgras/pd/rel-rei/cfirp-prifc-2010-eng.asp

edit: strikethrough

 

[wesleyd]

My point was that since we are fall under federal government why does CFIRP not reflect this? It does in 98%, word for word, why would this be omitted? If you go on the Brookfield secure site, only people posted have accounts, the majority of their links direct you to this IRP. For mileage, HEA, meals and interim lodging. Are we being shortchanged as CF members?

 

[captloadie]

Although all the programs are based on the one policy, the RCMP, CF, and PS have three different programs. These three are tailored to the individual groups they serve, once again based on the TB policy. This same principle applies to many TB policies that are applied "differently" to the three organizations (Travel, Foreign Service, etc.) The reason? It is likely due to the different collective bargaining agreements that the PS and RCMP have.