Job Loss Protection Program

The Job Loss Program is an optional, seller-funded mortgage protection program that helps home owners with monthly mortgage payments if they experience a loss of employment.

The Job Loss Protection Program is part of the HELP (Home Owner Education and Loss Protection) program administered by the Rainy Day Foundation.

Program Overview:

Provides up to 6 months of mortgage payments during the first 24 months from date of closing if they borrower or co-borrower becomes involuntarily unemployed.

Coverage up to $1,800 per month

Properties listed for sale by Smart Realty or purchased through an Smart Realty Realtor® are eligible for coverage under this program. Seller may elect not to participate.

Cost of program is $650, payable by the seller at closing if buyer accepts the program.

Program is offered at no cost to the buyer and cannot be funded by the buyer.

Buyer will receive information packet within 45 days of closing to explain program.

Seller Advantages

Program sets the seller’s home apart
from others on the market, providing
“added value” to attract potential buyers.

Home showings may increase due to a
higher level of buyer interest.

“Job Loss Protection” listings clearly
identified with sign riders and icons on
SmartRealtyKnoxville.com

Cost of the program payable by seller at
closing only if buyer accepts

Buyer Advantages

Buyer can purchase home with greater
confidence.

Program applies if borrower or
co-borrower experiences involuntary
loss of employment (assuming eligibility
criteria are met).

24 months of coverage; can be used for
multiple job losses during period for up
to 6 months of payments (assuming
criteria are met).

About the Rainy Day Foundation

The Rainy Day Foundation is a non-profit 501 (c) 3 organization whose mission is to assist individuals in maintaining homeownership.

The Job Loss Protection Program is part of the HELP Program, administered by the Rainy Day Foundation, which is intended to help buyers navigate the challenges of homeownership. The HELP Program provides voluntary financial and budget counseling to buyers via telephone and e-mail for the first 24 months following closing, as well as emergency counseling and grants to assist home owners during times of financial hardship.
* Buyer will receive an information packet with complete details of program coverage, including how to file a claim, within 45 days of closing.

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