Posted on: 20th Jul, 2009 11:05 pm
We are in the process of purchasing a new home, we have already completed the closing documents last week and we get the keys and the house will be recorded tomorrow.
I am a "travelling" healthcare worker, which means I complete 13 week assignments then sign on for the next assignment. I just completed my 13 weeks last week, and am in the process of finding another assignment which can take a couple days to 1-2 weeks. I am "employed" by the travel company, but do not get paid until I am under contract for assignment. SO, my question is, when will the lender obtain verification of employment (or perhaps it is already done since we already signed the closing docs?). Also along with that, if they were to verify tomorrow before recording, will the fact that I am employed but not under contract cause last minute problems?
I should mention that even if I were to not be able to find an assignment, we would still be able to make the mortgage payments, and I could find another (permanent) position tomorrow if I needed to. This is not my concern.
Thanks for any advice!
I am a "travelling" healthcare worker, which means I complete 13 week assignments then sign on for the next assignment. I just completed my 13 weeks last week, and am in the process of finding another assignment which can take a couple days to 1-2 weeks. I am "employed" by the travel company, but do not get paid until I am under contract for assignment. SO, my question is, when will the lender obtain verification of employment (or perhaps it is already done since we already signed the closing docs?). Also along with that, if they were to verify tomorrow before recording, will the fact that I am employed but not under contract cause last minute problems?
I should mention that even if I were to not be able to find an assignment, we would still be able to make the mortgage payments, and I could find another (permanent) position tomorrow if I needed to. This is not my concern.
Thanks for any advice!
noproblemsplease
welcome to mortgagefit...
lot more depends on how much you are lending...If you are lending a big amount surely they will verify the employment status... but again this is not done at last moment and is verified before they prepare the signing documents.
So in this case do not worry as you will get the house as prescribed in schedule by the lender.
keep in touch..........
welcome to mortgagefit...
lot more depends on how much you are lending...If you are lending a big amount surely they will verify the employment status... but again this is not done at last moment and is verified before they prepare the signing documents.
So in this case do not worry as you will get the house as prescribed in schedule by the lender.
keep in touch..........
Hi,
I don't think the fact that you're currently not under a contract will cause any problem. Since you've completed the closing documents last week, you are sure to get the loan. The underwriter had already verified your employment and income before approving the loan. You've been able to sign the closing documents, because your loan had been approved by the underwriter. So, I don't see any reason for you to be concerned about the verification of your employment at the last moment.
I don't think the fact that you're currently not under a contract will cause any problem. Since you've completed the closing documents last week, you are sure to get the loan. The underwriter had already verified your employment and income before approving the loan. You've been able to sign the closing documents, because your loan had been approved by the underwriter. So, I don't see any reason for you to be concerned about the verification of your employment at the last moment.
post-closing departments will, at least occasionally, confirm aspects of the file such as employment. in your case, i would have to think that the lender knew the circumstances surrounding your employment - they would have done a verification prior to closing. based on their knowledge, you did get approved - perhaps your income wasn't a big consideration (?) in the overall scheme of things.
in any event, you are likely worrying about something that won't inhibit your taking possession of this home. as you also pointed out, your next contract is imminent and you can afford payments as of the moment anyway, so please don't fret. you don't need those worry lines any earlier than they'll come naturally.
in any event, you are likely worrying about something that won't inhibit your taking possession of this home. as you also pointed out, your next contract is imminent and you can afford payments as of the moment anyway, so please don't fret. you don't need those worry lines any earlier than they'll come naturally.
well my worst fear...the loan company called this morning and said they did an employment check this morning and the HR dept said I was not employed (because I am in between contracts). Great! I explained to the lender the situation of my work, gave them the phone number to my recruiter (who never answers her phone) and now I'm hoping for the best...........
i'm guessing that you didn't prep the lender. i think (for anyone who's looking in) that's the way to go about it. we recognize that there are traveling nurses, etc. who are employed at various places at various times, but in each case, the lender has to be brought up to speed to be able to deal with it properly.
noprob...i hope this situation is resolved in your favor, and quickly.
noprob...i hope this situation is resolved in your favor, and quickly.
well you're right, we didn't prep the lender, it never came up and honestly it didn't even occur to me that it would be a problem until the last minute, then too late to say something!
at the end of the day, the lender called my recruiter, who explained how the job works. he took the explanation and pushed things through. The house is officially ours!
thanks!
at the end of the day, the lender called my recruiter, who explained how the job works. he took the explanation and pushed things through. The house is officially ours!
thanks!
i'm pleased to know that your sudden issue became a non-issue once it was explained. i hope there are folk reading these threads who might put these practices into place.
congratulations, prob!
congratulations, prob!
noproblemsplease
finally all the problems in the world have solutions if there is some 'discussion' and redressal.
nothing is impossible......
keep in touch....
:arrow: :arrow: :arrow:
finally all the problems in the world have solutions if there is some 'discussion' and redressal.
nothing is impossible......
keep in touch....
:arrow: :arrow: :arrow: