California Insurance Plan Helps Laid-Off Buyers
An insurance plan devised by the California Association of REALTORS® promises to pay home buyers up to $1,500 a month for six months if they are laid off.

The "mortgage protection plans," which were offered beginning in spring 2009, are aimed at home sellers who purchase the policies to inspire the confidence of potential buyers.

Under the program, sellers pay a premium of $200 for six mortgage payments of up to $1,000 each or $275 for six mortgage payments of $1,500 each.

University of Southern California Professor of Business Lars Perner said he thinks this is a good idea. "Taking away some of that fear of getting into big trouble is something that could easily tip the balance."

Source: The Associated Press, Jacob Adelman (11/12/2010)