Want a New Home but Worried about a Layoff... There's Insurance for That

Yes, you have heard of the auto companies agreeing to pay your payments if you get laid off and now the home building contractors have joined in. According to www.google.com/hostednews, "With the unemployment rate at a 26-year high and home sales still in the dumps, a growing number of homebuilders and even some real estate agents are trying to coax buyers with a kind of mortgage unemployment insurance. Major builders offering job loss mortgage payment plans include Lennar Corp., Pulte Homes Inc., The Ryland Group Inc. and Toll Brothers Inc.

Launched last month, Toll's mortgage protection program only covers homebuyers who finance their purchase through the company's mortgage lender. The plan covers a maximum of six monthly payments of up to $2,500 a month — including interest, taxes and insurance — if the homeowner loses his or her job within two years after closing on their home."