MORTGAGE PROTECTION PROGRAM (HELP)
a real estate service exclusivly provided by
DETAILS
LLC Coverage Period
Twenty four (24) months from the closing
The Rainy Day Foundation’s Homeowner Education and Loan Protection date of the mortgage.
service (HELP) includes a Mortgage Protection Program that protects hom- Maximum Bene t
eowners if they experience a loss of their employment. Many Americans The lesser of the actual mortgage payment
(PITI) or $1,800 per month.
today are concerned with job stability and how they are going to make their
mortgage payments if they lose their job. Bene t Period
Up to a maximum of six (6) payments
during the twenty four (24) month
The unemployment coverage included in the Rainy Day Foundation’s HELP coverage term.
service assists in keeping homeowners current on their mortgage payments
Vesting Period
each month so homeowners can minimize their nancial stress while they are Sixty (60) days from mortgage closing date
looking for a job. This coverage is underwritten with an A-Excellent by A.M. (if purchaser becomes unemployed during
this Vesting Period, there is no coverage for
Best ranking. this occurrence of unemployment).
Waiting Period
SNAPSHOT Thirty (30) days from commence-ment of
unemployment.
Overview Program Bene ts Eligibility
a) 18 to 66 years of age
• Up to six months of Mortgage b) Employed full time (minimum 30
Payments hours/week) at time of mortgage closing
The Mortgage Protection Program will
c) Cannot be self-employed
provide up to six months of mortgage • Coverage up to $1800 per month d) Must reside in US
payments if the borrower (or • Easy enrollment process
co-borrower) becomes involuntarily Contribution Clause
• Program underwritten by one of the
unemployed. When joint mortgagors are involved,
industries top insurance company
bene t amount will be based on the
percentage the unemployed person's
This program provides mortgage
Eligibility Requirements income is to total qualifying income at the
payment coverage for the rst 24 time of mortgage closing.
months of the loan. • Employed full time (minimum of 30
Conditions
hours per week)
a) Unemployment must commence during
Within 30 to 45 days after you move • Vesting period is 60 days coverage period
into your new home, the packet will
• Cannot be self employed, an b) Coverage is limited to payments due 30
arrive that explains the unemployment days after unemployment begins
independent contractor, or active
overage and how to le a claim in the c) Claimant must qualify for state
military unemployment bene ts
event of an involuntary job loss.
• Cannot own greater than 25% interest d) Claims payments cease immediately
upon re-employment
in his/her employer's business
Coverage provided with an A-Excellent e) In the event of subsequent unemploy-
• Must be between the ages of 18 and
by A.M. Best ranking with a long-term ment, a new 30 day Waiting Period applies
66
outlook of stable.
Exclusions
a) Voluntary unemployment
b) Disability or medical (mental or physical)
c) Reasons listed for denial of unemploy-
ment bene ts
Rainy Day
d) Borrowers that are self-employed or are
aware of a pending lay-o
e) Strike/Lockout
Foundation
“Protecting You from the Unexpected”
Creative Alliances, LLC
Rainy Day Foundation Web: www.myhome-connection.us/help
1808 Corcoran NW, Washington, DC 20009 E-mail: help@creativealliances.com