How do I qualify for Worry-Free Mortgage Protection through Eastwood Homes?

In addition to submitting your application for coverage, in order to qualify for this option, you must close and fund your loan with Clinchfield Capital Mortgage.

What payments are covered by the Worry-Free Guarantee?

In the event that an Eastwood Homeowner experiences a loss of employment within 24 months of closing, the Worry-Free Guarantee covers up to six months of mortgage payments.  The plan covers principal, taxes, and insurance, but it does not cover Homeowner’s Association fees.

What is the coverage amount?

For individual borrowers, the actual amount due to the lender each month (up to $1800) is covered by this plan.  Therefore, the maximum amount available over the 24 month term is $10,800. 

When two or more borrowers are involved, coverage is based on the percentage of income that the unemployed borrower contributed to the total household income at the time that the job-loss occurred.  If both borrowers experience a loss of their employment, then the total mortgage payment (up to $1,800) is covered.

If I lose my job, when will my payment coverage begin?
In order to ensure proper claim filing and processing of paperwork, payments will begin 30 days after a job loss is reported. 
Are there any restrictions to the Worry-Free Guarantee?

The first 60 days after closing on your home are considered a vesting period.  Therefore, no benefits will be paid for the duration of a job loss which occurs during that time period. The benefits apply after the 31st day of involuntary unemployment with Virginia Surety making all eligibility determinations. Payments ends when you are no longer involuntary unemployed or the maximum number of benefits payments have occurred.

The Worry-Free Guarantee is extended to borrowers who have been working a minimum of 30 hours for 12 consecutive weeks prior to the job loss.  At the date of closing, the borrower can not have knowledge of any impending job loss.

Homeowners must be eligible to receive unemployment benefits, and must file a claim in order to maintain coverage by the Worry-Free Guarantee.

The Worry-Free Guarantee does not cover borrowers who are self-employed, independent contractors, active military, work for a family member, or own more than a 10% interest in the business of their employer.

Coverage is not extended to those who lose employment due to voluntary resignation, willful misconduct, seasonal shut-down, temporary employment, death, disability, or hospitalization.

Is the Worry-Free Guarantee insured by an independent party?

The Eastwood Homes Worry-Free Guarantee is underwritten by one of the country’s most reputable insurance companies, Virginia Surety Company, Inc.