CAR Extends Its Job-Loss Insurance Offer

The California Association of Realtors has extended its popular job-loss insurance program for 12 months. Now, under CAR's Mortgage Protection Plan, if first-time buyers who used one of the group's 163,000 members are laid off from work through Dec. 31, 2010, they will receive $1,500 a month for up to six months to help cover their mortgage payments. Qualified co-buyers also are eligible for monthly benefits of $750 a month for six months. "The home-buying process can be one of the most stressful periods in a person's life," said CAR President Steve Goddard. "Our goal is to help alleviate some of the anxiety home buyers feel when purchasing a home by providing a layer of security." To date, benefits have been provided to more than 3,100 first-time buyers at no cost under the program, which is being offered through CAR's Housing Affordability Fund, a non-profit 501(c)(3) organization funded mainly by contributions from members. CAR is the largest state affiliate of the National Association of Realtors.