Wednesday, April 8, 2009

CAR coup deux: Mortgage payments for laid off home buyers

Granted, California Association of Realtors's new homeowner assistance program is limited, but the association is the first realty association in the nation to offer a mortgage protection program that will pay mortgages for first-time home buyers who lose their jobs. (Read CAR's other ahead-of-the-crowd effort for struggling homeowners.)

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by Broderick Perkins
© 2008 DeadlineNews.Com
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Deadline Newsroom - The California Association of Realtors (CAR) has done it again, showcasing the Golden State as a progressive leader in matters real estate.

The association has become the nation's first realty association to offer a mortgage protection program that will pay mortgages for first-time home buyers who lose their jobs.

The groundbreaking, $1 million program is only funded to assist some 3,000 homeowners. but CAR's Housing Affordability Fund Mortgage Protection Program (MPP) beats a blank for those who are lucky enough to benefit.

Earlier this year, CAR became a pioneer compiling otherwise elusive mortgage modification information for consumers.

MPP offers first-time home buyers who lose their jobs up to $1,500 per month, for six months, to help make their mortgage payments.

A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

The program could encourage a few more fence-sitters to buy a home.

"The Mortgage Protection Program was developed to help ease the anxiety of consumers who are concerned about potential job loss and its impact on their ability to pay their mortgage should they purchase a home," said CAR President James Liptak.

To qualify applicants must:
  • Be a first-time home buyer. Such a buyer is defined as someone who has not owned a home in three or more years.
  • Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009.
  • Use a licensed California "Realtor" in the transaction.
  • Purchase the property in California.
  • Be a W-2 employee. Unfortunately, as in so many homeowner assistance programs, self-employed workers don't qualify.

Request an application for the program from CAR.

Read other California real estate news.

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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1 comment:

Ken Hunter said...

Sounds like a great program. Hopefully though we are past all the times of people losing their homes because of losing jobs, and with a few good signs in the economy like Wells Fargo actually showing a profit, maybe the bad news is finally over in the economy.

Ken Hunter