The Allen Tate 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.
Eligibility
— Must be employed full-time (minimum of 30 hours per week) at time of closing.
— Cannot be self-employed, independent contractor or active duty military .
— Cannot own greater than 10% interest in his/her employer’s business.
— Must be between the ages of 18 and 66 and reside in the U.S.
— Must be eligible for state unemployment Benefits.
— Program applies to primary residence, secondary homes and single unit investment properties.
Coverage Period
24 months from the closing date of the mortgage.
Maximum Benefit
The lesser of the actual mortgage payment (PITI) or $1,800 per month.
Benefit Period
Up to a maximum of six payments during the 24-month coverage term.
Vesting Period
60 days from mortgage closing date; no coverage if unemployment begins during.
Waiting period
30 days from first date of unemployment.
Contribution Clause
For joint mortgagors, benefit amount will be based on the percentage the unemployed person’s income is to total qualifying income at the time of mortgage closing.
*Other Conditions Apply
Please call for more details. 704-779-6194