Job Loss Protection Plan
RealtyUSA announced today that as the Market Leader we are the first real estate company in Upstate New York to offer Job Loss Protection to help buyers and sellers make real estate decisions with a greater degree of confidence. Much as we have seen recently with national car manufacturers, this mortgage protection plan supports home buyers in the event of involuntary job loss within the first 24 months of the loan.
The policy is seller-funded and covers mortgage payments up to $1,800 per month for up to 6 months.
Job Loss Protection Program
The Job Loss Protection Program is an optional, seller-funded mortgage protection program that helps home owners with monthly mortgage payments if they experience a loss of employment. The Job Loss Protection Program is part of the HELP (Home owner Education and Loss Protection) program administered by the Rainy Day Foundation.
Program Overview *
- Provides up to 6 months of mortgage payments during the first 24 months from date of closing if the borrower or coborrower becomes involuntarily unemployed
- Coverage up to $1,800 per month
- Only properties listed for sale by RealtyUSA.com are eligible for coverage under this program. Seller may elect not to participate. Cost of program is $500, payable by the seller at closing if buyer accepts the program. Program is offered at no cost to the buyer and cannot be funded by the buyer. Buyer will receive information packet within 45 days of closing to explain program.
Seller Advantages
Program sets the seller’s home apart from others on the market, providing “added value” to attract potential buyers. Home showings may increase due to a higher level of buyer interest. “Job Loss Protection” listings clearly identified with icon on company website. Cost of the program payable by seller at closing only if buyer accepts and qualifies for the program.
Buyer Advantages
Buyer can purchase home with greater confidence. Program applies if borrower or co-borrower experiences involuntary loss of employment (assuming eligibility criteria are met). 24 months of coverage; can be used for multiple job losses during period for up to 6 months of payments (assuming criteria are met). Homes featuring “Job Loss Protection” program easily identified on company website.
About the Rainy Day Foundation
The Rainy Day Foundation is a non-profit 501 (c) 3 organization whose mission is to assist individuals in maintaining home ownership. The Job Loss Protection Program is part of the HELP Program, administered by the Rainy Day Foundation, which is intended to help buyers navigate the challenges of home ownership. The HELP Program provides voluntary financial and budget counseling to buyers via telephone and e-mail for the first 24 months following closing, as well as emergency counseling and grants to assist home owners during
times of financial hardship.
* Buyer will receive an information packet with complete details of program coverage, including how to file a claim, within 45 days of closing.
As with our Home Warranty product, this is a third party offering. In order to offer this program to your customers you MUST be certified by attending one of the 25-minute webinars listed below.
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