A Plan to Help Homebuyers Who Lose Their Jobs

• April 14th 2009

by Mark Wellborn

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Long & Foster is putting a plan in place to ease the concerns of prospective homebuyers who worry that they may lose their job after they buy a new home.

Starting April 20, the area brokerage will begin offering the Rainy Day Foundation’s new Job Loss Protection program which will cover buyers who purchase a Long & Foster listing in the event of an involuntary job loss within the first two years of their loan. The policy covers mortgage payments up to $1,800 per month for half a year. It is unclear how much this will cost the buyer, but UrbanTurf has heard that it is in the area of a one-time $500 payment. The coverage is underwritten by Virginia Surety Company, Inc.

The Job Loss Protection program is part of the service called HELP (Homeowner Education and Loan Protection) from the Rainy Day Foundation. In 2008, the foundation launched HELP, a program that provides financial and educational aid to homebuyers in the U.S. It provides three main components: To keep homeowners from becoming delinquent, to make homeowners current if they are delinquent and to create long-term financial stability. For more information, click here.

We’ll be sure to update you as more information becomes available.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/a_plan_to_help_homebuyers_who_lose_their_jobs/796.