The Payment Careers Program
An Exclusive Benefit of Purchasing a Home From Your Clayton Authorized Retailer
In these unusual economic times, you could use a little more security when buying a home. That's what you get with the Payment Careers Program.
There is no cost to participate in this program. The benefit is your peace of mind in the event that the unthinkable happens. There is no higher priority to us than helping keep Clayton home-owners in their homes.
The Payment Careers Program Details
Overview:
If the Primary Customer (as designated on certificate and Program disclosure) becomes unemployed, the Payment Careers Program (the "Program"), can provide assistance by advancing up to 3 consecutive monthly or 6 consecutive biweekly home loan payments on behalf of the Primary Customer, subject to the conditions and limitations set forth below.
Program Details:
The Program provides for up to 3 consecutive monthly payments or 6 consecutive biweekly payments of the Primary Customer's regularly scheduled home loan payment amount. The Program does not provide payment for any late fees or other servicing costs and fees imposed by the lender. The Program only applies to new home purchases with a final purchase contract date of March 6, 2009 until June 30, 2009, that are financed with the lender selected by the Primary Customer. The Program does not apply to cash purchases or owner-financed lending arrangements. In order to qualify for the Program, the Primary Customer's home loan account must provide for regularly scheduled monthly or biweekly payments. Once the Primary Customer's unemployment status and home loan information are verified and the assistance approved, authorized company personnel will use this information to send the payments to the Primary Customer's lender (or current home loan servicer) for up to 3 consecutive monthly or 6 consecutive biweekly payments (which may be paid to the lender in a lump sum at one time or on a periodic basis at the discretion of the company personnel assisting the Primary Customer with his/her request for assistance). Once the assistance is approved, the payments will be paid, even if the Primary Customer requesting assistance has returned to work during the assistance period. Once the payments have been paid, no further obligation to make payments will exist under the Program. The assistance may not be requested or obtained more than one time under any circumstances. The Program is not transferable (either generally or to a party who assumes the Primary Customer's original home purchase loan, e.g., an assumption or transfer of equity transaction) and has no other cash value. Loans that are originated under FHA, VA or other government-sponsored programs are not eligible for the Program.
Primary Customer:
The customer(s) purchasing the home must select the person who is eligible for the Program by designating that person as the "Primary Customer" on the certificate and Program disclosure. To be designated as the Primary Customer, the person must be one of the original purchasers of the home and a primary obligor on the home loan (renters, guarantors, or other parties who may be obligated to make payments on the home loan account may not be designated as the Primary Customer).
Employment:
In order to request assistance under the Program, the Primary Customer must become unemployed (as provided herein) and make a request for assistance (as provided herein) during the time period set forth below. The unemployment must not have been the result of a termination based on nonperformance, conduct, or a similar reason or self-termination (e.g., quitting or resigning), but must have been the result of an involuntary lay-off, reduction in force, or similar separation that is beyond the control of the Primary Customer. The Primary Customer must have been employed with the separating employer for at least six (6) consecutive months in a full time position (i.e., more than 30 hours per week for Program purposes) at the time that he/she becomes unemployed. The Program does not apply to Primary Customers who work part-time (i.e., 30 hours or less per week), temporary or independent contractor positions. The Primary Customer must be out of work for at least thirty (30) days before requesting assistance. The Primary Customer must provide verifiable proof of unemployment satisfactory to the company personnel assisting the Primary Customer with his/her request for assistance (e.g., an unemployment letter or similar documentation from the employer) and complete the Program request form. Self-employed customers or other non-W-2 wage earners are not eligible for the Program.
Home Loan Account:
At the time assistance is requested, the Primary Customer must: (i) have made the last 3 consecutive monthly (or last 6 consecutive biweekly) payments to the lender on a timely basis as provided in the lending agreement; (ii) must be current on the home loan account, and (iii) must not be in default with the lender. The home must be occupied by the Primary Customer as his/her primary residence (the Program does not apply to second homes, rental homes, or other non-owner-occupied homes). The Primary Customer must continue to honor all obligations under the purchase and lending agreements during the processing and payment of assistance under the Program, including, but not limited to, making payments due on the account, maintaining hazard insurance on the home, payment of applicable taxes or park rent, or otherwise preventing a default of the home loan.
Authorization:
The Primary Customer and any other purchaser of the home agree to sign an authorization that permits the Primary Customer's lender and former employer to discuss any details of the home loan account or employment, in order to verify eligibility for the Program, make payments under the Program, or any related purpose.
Time Period:
The Program expires two (2) years from the first payment due date of the Primary Customer's original home purchase loan. The Program does not apply if the original home purchase loan is refinanced within this 2-year time period, regardless of whether the refinance is with the same or a different lender.
Request for Assistance:
To request assistance under the Program, the Primary Customer can see complete details in the Program disclosure received at closing, including a telephone number to call. The Primary Customer must present the completed request form, the Program certificate, and any other documentation that may be required.
