Wow, Thornton Place just blew up the Seattle condo marketing world with their “layoff protection” program. It’s the best buzz since Olive 8 announced their price protection.
The details of the program are (according to their press release):
Homeowners who get laid off within their first year of ownership can look for a new job with the security of knowing that their mortgage will be paid for them for up to six months.
I can’t find it but recently I read an article on the Hyundai new car layoff protection program. For them sales are up while their competitors are down and they haven’t had to pay out one claim yet. Turns out people who buy brand new cars are unlikely to be the kind of folks who get laid off. But the program does give many people piece of mind when apparently they don’t really need it.
If anyone sees one of their contracts I’d love to see the actual language of the clause.
Update: Here’s all their incentives [pdf]