Last week Prudential Georgia Realty rolled out a new program designed to get buyers off the fence and under contract. It's called the Job Loss Protection Plan.
The Prudential Georgia Job Loss Protection Plan includes a Mortgage Protection Program that protects homeowners if they experience a loss of their employment. Many Americans today are concerned with job stability and how they are going to make their mortgage payments if they lose their job. The unemployment coverage included in the Job Loss Protection Plan assists in keeping homeowners current on their mortgage payments each month so homeowners can minimize their nancial stress while they are seeking new employment.
The Job Loss Protection Program will provide up to six months of mortgage payments if the borrower (or co-borrower) becomes involuntarily unemployed. This program provides mortgage payment coverage for the first 24 months of the loan. Within 30 to 45 days after the buyer moves into the new home, a package will arrive that explains the unemployment coverage and how to file a claim in the event of an involuntary job loss. In the event the buyer loses his job during the coverage period, he would receive up to $1,800 per month to pay the mortgage for up to six months. Of course, there are some qualification rules and restrictions, like you must have a job to start with, and it is not available to the self-employed, but overall the qualifications are straight forward and workable. There is a 60 day vesting period before the program benefits start.
The program is funded by a $500 contribution at closing by the seller. In this market, that amount certainly gives sellers more bang for the buck than lowering the price several thousand dollars. The program can only be offered by Certified Prudential Agents, which requires training and certification on how the program works.
If you are a seller, this program can help your home stand out from the competition and inspire buyers who have concerns over job loss! If you are a buyer, your certified Prudential agent can ask any seller to provide this program as part of the negotiation process!
I am very excited about this new product which is the first of it's kind in Georgia. Hopefully, this will be the catalyst needed to get those balking buyers to make a decision and get these current listings sold!
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