Long & Foster offers payment protection

Long & Foster Real Estate Inc. is the latest real estate brokerage to offer a mortgage payment protection program for homebuyers, providing up to six monthly payments of $1,800 each during a two-year coverage period if a homebuyer is laid off, the company said.

The payment protection is provided by the seller, and is an extension of Long & Foster's existing "Buy Confident" campaign, which also promises that Long & Foster's affiliated lender, Prosperity Mortgage Co., will match the best available rates in the area or pay $500 at closing.

Like similar programs offered by Keller Williams South Florida Region and builder Lennar Corp., Long & Foster's job loss protection program is provided through the Rainy Day Foundation and underwritten by Virginia Surety Co. Inc.

The California Association of Realtors and Pittsburgh, Pa.-based real estate broker Howard Hanna are offering payment protection programs underwritten by Fortegra Financial, which does business as Life of the South (see story).

With more than 13,000 agents in seven states and the District of Columbia, Chantilly, Va.-based Long & Foster claims to be the largest privately held residential real estate company in the U.S. Long & Foster Cos. include Prosperity Mortgage Co., Long & Foster Insurance Agency Inc. and Long & Foster Settlement Services.

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