· Coverage Period
Twelve (12) months from loan closing.
· Maximum Benefit
·The lesser of the actual mortgage payment (PITI) or either $1000 or $2000 per month.
· Benefit Period
Up to 6 mortgage payments in 3 month increments during coverage period. Loss Mitigation protection available throughout the coverage period
· Vesting Period
Sixty (60) days from closing date. No Vesting Period for Loss Mitigation coverage
· Waiting Period
Thirty (30) days from commencement of unemployment. No waiting period for Loss Mitigation.
· Eligibility
Must be 18-70 years of age; employed full time (min. 30 hrs/wk); Not self employed.
· Joint Coverage Clause
When joint coverage is in place, benefit amount will equal the percentage of the unemployed persons income to the total qualifying income at time of event.
· Conditions
Unemployment must commence during coverage period;
Claimants must qualify for state unemployment benefits;
Coverage commences 30 days after unemployment begins;
Payments cease immediately upon re-employment.
.....Who Would You Turn To...
If you were terminated, laid off, or have involuntarily lost your job?
If you werefaced with the threat of losing your home?
If you needed help establishing a payment plan with a creditor?
If you needed assistance with a forbearance plan, loan modification or even a short sale of your home?
Your Life Events Shield Benefit protects you from all of this and more!
