Bought A Home? Scared of Being Unemployed?


Piggy Bank

The possibility of unemployment is a big threat or worry for lots of families these days.  Yet, we still need to move, get a bigger house, or are sick and tired of renting.

Well my company, Allen Tate, has a wonderful program,  The Job Loss Protection Program, which provides security if you find yourself in the unfortunate situation of being laid off after you’ve purchased a home.

Read more about this great program from the Allen Tate Blog, At Home In the Carolinas.  Let’s see what Regina Walker has to say.  Here’s her blog post:

Last year, I found myself in the very unfortunate position of being laid-off.
I had thought that with the downturn of the economy I could find myself
in this situation, but I really thought I would have some idea it was coming
before it happened. Well, I didn’t. I had no idea.

The first of many thoughts was, “Oh my gosh, how am I going to afford
my house?”, then I went into an immediate panic.

“What if I become unemployed after I purchase a home?” is a common concern we
hear in the Client Relations department at the Allen Tate Company. With recent
unemployment rates near 9%, what buyer wouldn’t consider this as a
possibility?

The “Job Loss Protection Program” is an option offered through Allen Tate that can
protect a buyer in the event they are laid off.

Job Loss Protection is not a new concept. It has been traditionally offered
in other industries, such as the automobile industry.

Basically, if a buyer loses his or her job in the first 2 years of
home ownership, they can qualify for payment benefits which helps out when
savings is not sufficient to cover mortgage payments.

Here are some points on the program:

  • Provides up to 6 months of mortgage payments during the first 24 months from
    date of closing if the borrower or co-borrower becomes involuntarily unemployed
  • Coverage up to $1,800 per month
  • Properties listed for sale by Allen Tate Company or purchased through an
    Allen Tate Realtor® are eligible for coverage under this program.
  • Cost of program is $595, payable at closing.
  • Buyer will receive information packet within 45 days of closing to explain
    program

In my case, I was able to find a position within 6 weeks. I would have liked
the safety net and peace of mind to know that my mortgage payments could have
been covered, but unfortunately I did not know that this type of program even
existed. If losing your job hinders your decision to purchase a home,
this is a program that can help put your mind at ease!

By Regina Walter

Very informative.  I wanted to share this blog because it is a great program that can benefit many families.  It’s a great way for a seller to get their home sold by offering this product.  Think of it being helpful just like offering a home warranty.  These days we need job security!  Amen?

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About Kecia Thurman Bland

Kecia Bland is a professional full-time licensed NC Real Estate Broker (since 2008) focused on providing excellent customer service and expertise for those interested in buying and selling real estate in the Greater Raleighs areas- the Triangle area, and surrounding counties- Wake, Durham, Johnston, Chatham, Franklin, and Granville. Kecia provides her clients with a pleasurable and smart real estate experience. View all posts by Kecia Thurman Bland

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