VOE - Verification of Employment

Hi sara,
if the lender not do written verification then what he do... . . . . . . . .

i am still baffled at the "expertise" of those who, in one forum make affirmative statements, and then in a separate forum, ask inane questions.

but of course, in either case, the language is a stumbling block as well.

If you presented a letter with your voe stating you worked as a intern an then where hired would they want to verfi your internship when verfi if you are still employed

that doesn't seem to be something you'd need to be concerned about, kath. if an internship turned into a full time position, that's gotta be a pretty favorable thing for anyone observing.

as an employee, if i worked for a particular concern as an intern as well a fll-time timer, i'd look at the overall time i'd been there if someone were to ake me how long i'd been on the job.

kath, for future reference, please don't post the same question in different threads. simply be patient and wait for an answer after your first query. thanks.

Can a borrower be called to get information on his previous employment if there is not document available and also if borrowers current employment status is less than 2years

If you have not been at your current job for 2 years or more than you must verify previous employement in order to document a 2 year continuous work history. Any gap in employment will require a letter of explanation.

If I'm buying in another state, with the intention of moving, the Lender said they want us to occupy the home within 30 days so it isn't considered a 2nd home (and thus 20% down). With that, the Lender expects me to have a VOE from a new employer in the moved-to state. What I really want to do is get the home, and take my time finding a new job. We can afford to rent here and pay the mortgage there, but can't ensure a new job quickly.

Can I have someone I know that owns a company write a VOE or be the main contact for any VVOE calls? Thus, they can satisfy the Lender by saying they hired me, while in reality I stay where I am. Basically, I can get someone to "hire" me, but what will they be required to do to convince the Lender?

VOE form + be ready to field a call 3 days prior to close?

Josh

josh, have you ever heard of the word "fraud"? what you pose as a scenario is precisely that. if you wish to defraud your lender in that way, and you get nailed for it, shame on you and shame on "someone" for "hiring" you under that pretense.

is it done? does it always result in a problem? i'm sure the answers are yes to the first and no to the second in many cases, but that doesn't make it any less fraudulent.

i caution you to do the right thing. and i hope your name isn't really josh salazar, because you will have just made it pretty easy for a lender to figure out whether or not you may have defrauded them if it is your name.

I have a question; I do contract work for an online university and I'm buying my first home at the end of the month (closing at the end of the month). I just received word that due to the economy I will no longer be offered me contracts from this university. I have been hired at another university, but I have received a contract yet, i.e. payment. I will be able to afford the mortgage as I have savings; but I'm worried that I will not receive the loan when they find out that I am no longer with my previous job (university) of which I've been employed for the last 4 years. Will I have to forgo, this home until I get my first contract (payment) from the new university? What can I do to ensure that I will close on the house?
Insight is appreciated!

Sincerely,
MakingMyFirstMove

The lender will want to check out your employment before giving you the mortgage. If you are unable to prove that you are employed with an organization, the lender will not process your loan request.

Yes, "Making" - you need to be able to document that you're working. That will, undoubtedly, mean that you'll have to be able to demonstrate that the new company is now paying you.

Loan approval says: "Verbal VOE expires on 6/8/10. Note must be dated no later than this date." The borrower has been self-employed for the last 10 years (verified by tax returns) and closing is set for 6/10/10. What does all this mean?

I guess the borrower will have to provide the documents in relation to employment once again to the lender.

Of course, the first place to ask that question is directly with the lender. There may simply be a discrepancy in how the commitment was prepared. Of course, with a verbal voe on a s/e borrower, that would mean some sort of verification came from a cpa or other professional. If that verification was done a while ago, the expiration date makes sense, and they'll simply have to re-contact the verifier in order to bring that date further out.

It ought to be handled fairly simply.