How Seller’s can benefit from Job Loss Protection!
June 2nd, 2009 categories: Financing Programs
In today’s economic environment, a lot of buyers are concerned that if they take the “big step” and buy the home of their dreams, something might happen to their jobs. Whether it be a cut in hours or the worst scenario – a job loss, you just never know what’s going to happen these days. Well, someone has been thinking about this and figured out what could be done about it.
Enter The Rainy Day Foundation Homeowner Education and Loan Protection service (HELP). They include a Mortgage Protection Program that protects homeowners if they experience a loss of their employment. The unemployment coverage included in the Rainy Day Foundation’s HELP service assists in keeping homeowners current on their mortgage payments each month so homeowners can minimize their financial stress while they are looking for a job. This coverage is underwritten with an A-Excellent by A.M. Best ranking.
OVERVIEW:
* The Mortgage Protection Program will provide up to six months of mortgage payments if the borrower (or co-borrower) becomes involuntarily unemployed.
* This program provides mortgage payment coverage for the first 24 months of the loan.
* Up to six months of Mortgage Payments
* Coverage up to $1800 per month.
* Easy enrollment process
* Employed full-time (min. of 30 hours per week)
* Vesting period is 60 days.
As a Realtor, I’m so excited that this type of coverage is being offered, so much so, that I made sure to get certified in being able to offer this program to my sellers. A Seller can offer this program as an incentive, just like offering a home warranty, to any buyer considering their home. This may be just the edge needed for many buyers who want to buy, but are thinking about “what ifs”. For the full details, Program Benefits and Eligibility requirements, click here.
