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.

Benefit payments are made out to your lender, but sent directly to you. No repayment of benefit!

Within 30 to 45 days after fully enrolled in the SAVE Program and you move into your new home, the packet will arrive that explains the program and how to file for assistance in the event of an involuntary job loss.

Details
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
Vesting Period.

Waiting Period
30 days from first date
of unemployment.

Eligibility
(a) 18 to 66 years of age. (b) Employed full time (minimum 30hours/week) at time of mortgage closing. (c) Cannot be self-employed. (d) Must reside in U.S.

Contribution Clause
When joint mortgagors are involved, benefit amount will be based on the percentage the unemplyed person's income is to total qualifying income at time of mortgage closing.

Conditions
(a) Unemployment must commence during coverage period. (b) Coverage is limited to payments due 30 days after unemployment begins. (c) Claimant must qualify for state unemployment benefits. (d) Claims payments cease immediately upon re-employment. (e) In teh event of subsequent unemployment, a new 30-day Waiting Period applies.

Exclusions
(a) Voluntary unemployment. (b) Disability or medical (mental or physical). (c) Reasons listed for denial of unemployment benefits. (d) Borrowers that are self-employed or are aware of a pending lay-off. (e) Strike/Lockout.
Program Benefits
  • Up to six months of Mortgage Payments
  • Coverage up to $1,800 per month
Eligibility
  • Employed full time (minimum of 30 hours per week)
  • Vesting period is 60 days
  • Cannot be more than 10% self-employed,
    an independent contractor, or active military
  • Must be between the ages of 18 and 66
Qualified Members
  • Fully funded SAVE Program enrollment
  • Enrolled within 15 Days of Settlement
  • Job Loss Protection Terms & Conditions fully satisfied
To learn more about our Job Loss Protection Program, please contact a
Shorewest Sales Associate. Or CLICK HERE to request more information.

©Shorewest, REALTORS® EHO EX5884-3/2010