1-800-401-9290JOB LOSS PROTECTION
Job Loss Protection (JLP), also known as Involuntary Job Loss Protection, can be offered as a complimentary product to our Home Price Protection® Agreements.
“Involuntary Job Loss” or “Involuntarily Unemployed” happens when the homeowner becomes and remains Involuntarily Unemployed due to one of the following circumstances:
1. Involuntary Layoff – a suspension of employment by the homeowner’s employer, which continues more than 30 days;
2. Termination by the Homeowner’s Employer – a complete and permanent severance of their employment by their employer;
3. Lockout -An employer’s discharge of employees or temporary closing of a place of employment in response to organized employee activity that continues more than thirty (30) days; and
4. Self-employed – a loss of business due to high unemployment rate in the local market, poor economic conditions resulting in a loss of business, loss of a supplier or major customer or natural disaster resulting in loss of business.
Work Requirement: To be eligible for benefits under this Protection the homeowner must have worked fulltime, thirty (30) hours per week or more, on the same job continuously for the ninety (90) day period immediately prior to the Effective Date of their Involuntary Job Loss. If the homeowner is self-employed, they must have worked for income coming directly from their business, trade, profession or a partnership (a company or entity in which they have a ten percent [10%] or greater equity or ownership interest will be regarded as their own business) for the 180 day period immediately preceding the date of my Involuntary Unemployment.
Protected Monthly Benefit: Can range from $750 for 4 consecutive months to a maximum of $1,500.00 for 12 consecutive months. Benefit payments are made directly to the homeowner and packages can be custom tailored for your lending or servicing platform.
Waiting Period: The first ninety (90) days after the Effective Date of Protection. The homeowner must have worked fulltime, thirty (30) hours per week or more, for the same employer during this 90-day Waiting Period. If the homeowner is self-employed the first ninety (90) days after the Effective Date of Protection is an waiting period and they must have been actively managing their own business for the 180 day period immediately preceding the date of Involuntary Unemployment.
Expiration Date of Protection: EquityLock’s obligation to any and all parties for involuntary job loss protection will terminate twenty-four (24) months after the beginning date of the coverage. This is to match our 24-month Waiting Period before a claim for Home Price Protection® can be made. In the event a homeowner loses their job unexpectedly during the first 24 months, they can now have peace of mind that some income will be received.
- This Protection is not an insurance policy.
- This Protection is being provided free of charge to the homeowner for (24) months.
This Protection provides protection for the homeowner to make required payments, repay a debt or maintain a healthy credit rating in the event of an impact of life altering events.
EquityLock Solutions has in place, and agrees to maintain during the term of this contract, a policy of insurance that covers EquityLock’s job loss risk for eligible claims and that is issued by an insurance company having an A.M. Best rating of “A” or better.
Advantages to Homeowner’s
- Peace of mind they will have income if they lose their employment in the first 24 months
- Reduce risk of unexpected unemployment
- Maintain their lifestyle
- Preserve their good credit
