Yesterday, I wrote about the CAR insurance plan for home buyers who become unemployed. This morning, Steve Kim, a loan officer I know from B of A unveiled a similar program offered by Bank of America. The Bank of America Borrowers Protection Plan® can safeguard you and your family from sudden income losses from unexpected events, such as: Disability, Involuntary job loss,Hospitalization or Loss of life.
Bank of America can cancel your monthly loan principal and interest payments for up to 12 months if a protected event occurs. Steve said that enrollment is simple, and hassle free with no cost for the first full year. They also have plans for second mortgages, home refinance loans and home equity lines of credit.
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