Industry News

Real estate borrowers get job-loss protection

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MassHousing, a quasi-public state agency that makes and insures home mortgage loans, is providing no-cost, job-loss protection coverage to borrowers who become unemployed. The new benefit, called MI Plus, makes the principal and interest payments on a homeowner's mortgage for up to six months in the case of unemployment. "Losing a job can turn the American Dream of Homeownership into a nightmare," said Governor Mitt Romney. "With MassHousing's new mortgage insurance product, homeowners will have some peace of mind that if they lose their job for a period of time, they won't have to worry that they will lose their house." MassHousing's MI Plus coverage is included automatically on every mortgage loan that is insured by MassHousing on or after July 1, 2004. These include all MassHousing-financed loans where the borrower makes less than a 20 percent down payment, as well as loans made by private lenders who select MassHousing as the mortgage insurer. For decades, home buyers who put...