Unemployment Payment Protection
Have you given a thought to how you would prepare for a job loss these days? Unemployment figures are still pretty dismal. Freddie Mac, who should know about mortgages in default, reports that the most common reason for a home loan in default is a loss of income too. So with so much at stake, depending upon your income, a little preperation is in order.
The article I linked to above has some good tips about emotional and financial unemployment survival. Of course, the most basic tip is to be prepared with some cash in the bank. However, with rising fuel and food prices, it is getting harder to scrape a bit of disposible income into the savings account than it was a year ago. However, since nearly all of us do experience some periods of unemployment in our working life, we know that we need to prepare. This is especially true during tough economic times, not matter how good of an employee we are or how safe our company seems.
Mortgage unemployment insurance does tend to pay the lender, as do many forms of credit protection. That can be great for the lender, but what about you, the person paying all of those bills? Well new forms of layoff protection do pay cash to the consumer, so that person can decide the best way to spend the money to keep a mortgage current and food on the table!
layoff, unemployment, mortgage, credit, job loss
Technorati Tags: layoff, unemployment, mortgage, credit, job loss
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