What happens if the homeowner defaults on their mortgage?
If the homeowner wants to sell their home in order to avoid a foreclosure, they will still be eligible for a payment so long as the other conditions are met. If the bank has completed a foreclosure on the home, however, EquityLock Financial will not make a payment. • What happens if the homeowner refinances their mortgage? Refinancing a mortgage will not change the terms of a Home Price ProtectionTM contract. Homeowners refinancing their mortgage will retain their original contract. They likewise will not receive a payment upon refinance. • Do you accept all applicants? EquityLock Financial encourages all to apply. But there may be times when the Company will not be issuing new contracts in certain geographical areas. Or, there may be times the Company will limit the number of contracts in a certain market. This is because the Company’s ability to provide homeowners the chance to ‘hedge’ their risk, we seek to diversify risks across all aspects of the business including by geography, t
