What Can Mortgage Payment Protection Insurance Do For Me?
As unemployment grows, mortgage payment protection programs gain popularity More builders, lenders and consumers are signing up for coverage, which helps home buyers make payments if they lose their jobs. By Kenneth R. Harney April 26, 2009 Reporting from Washington — Is there a rainy day in your personal job forecast? That wouldn’t be surprising — not with unemployment rates in double digits in several states including California, 8.2% nationwide and widely expected to hit 10% or higher by next year. Nor would it be surprising if uncertainty about your income is a major barrier keeping you out of the home-buying market this spring. That’s why a previously obscure charitable group based in Washington, D.C. — the Rainy Day Foundation — is doing a booming business in what’s called the mortgage payment protection niche. Rainy Day is offering job-loss protection coverage and home buyer financial counseling through about 100 builders and lenders across the country, plus two large real e
