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Brookside Homes launches builder-funded plan to pay mortgage if homebuyer loses job

National Mortgage Professional
Apr 07, 2009

Brookside Homes has launched a new plan that guarantees homebuyers that it will pay their mortgage for up to six months should they lose their jobs within two years of purchase. Believed to be the first such plan in the nation that is 100 percent funded by a builder or developer, the Brookside initiative is being offered to the first 25 buyers who purchase a home in Ashton Place, a new home community in Leland, N.C. Brookside Homes has launched a new plan that guarantees homebuyers that it will pay their mortgage for up to six months should they lose their jobs within two years of purchase. Believed to be the first such plan in the nation that is 100 percent funded by a builder or developer, the Brookside initiative is being offered to the first 25 buyers who purchase a home in Ashton Place, a new home community in Leland, N.C. "With jobless rates now over 10 percent in our area, my customers' greatest concern is whether they're going to being able to make their mortgage payment if they lose their job," said Page Robertson, owner of Brookside Homes. "Our new Homebuyer Protection Plan gives our customers the confidence to take advantage of today's low interest rates, governmental incentives like the $8,000 tax credit and low home prices. Take the unemployment concern away and there has never been a better time to buy a home." Brookside's Homebuyer Protection Plan will pay up to $1,000 per month for six months. To qualify, buyers must live in their Ashton Place home for 60 days and must have been employed for 12 consecutive months. If a spouse loses his or her job, payment assistance will be made for the share of income the spouse produced. For example, if a homebuyer's wife earned 60 percent of the combined income then the Homebuyer Payment Protection Place would pay $600 per month towards the mortgage payment. Brookside Home's Homebuyer Protection Plan is not an insurance program nor is it covered by mortgage insurance. The Brookside plan is one in which the builder and developer assumes 100 percent of the financial risk. This is the first homebuyer protection plan of its kind in the country, according to Brookside. "We've launched this program because we believe home ownership is fundamental to the American way of life," said Robertson. "We have confidence that our economy will rebound and that these difficult times will be short lived. Home ownership is one of the best investments an individual or family can make, and we are committed to making that investment a reality for our customers." Brooksides announcement comes on the heels of other consumer protection programs launched by leaders in the auto and airline industries to help buyers overcome obstacles holding them back from purchasing. Hyundai customers who become unemployed within 12 months of buying a car can return their vehicle with no adverse effects to their credit (Hyundai will cover up to $7,500 in negative equity). JetBlue also launched the JetBlue Promise Program that guarantees travelers a fare refund if they lose their jobs. For more information, visit www.BuyBrooksideHomes.com.    
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