Posted on: 07th Jun, 2010 06:03 pm
I have been full approved for my loan and received a commitment letter already. I am scheduled to go to settlement in less then 10 days, and I just was laid off my job 3 days ago. What should I do? I know they already verified my employment, I am so worried if they try to verify again that I will lose the house. I have worked so hard to get to this point of purchase and am in a crisis right now. If everything goes through I will have absolutely no problem paying the bills. I have money and can get a job in my field asap, what should I do can someone please help me. Thanks
Hi Mike!
Welcome to forums!
There are chances that the lender will verify your employment once again before giving you the loan. I can understand that you would be able to pay off the mortgage dues, but it would be better if you could inform the lender about your job loss. If the lender has any objections, he will let you know about it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are chances that the lender will verify your employment once again before giving you the loan. I can understand that you would be able to pay off the mortgage dues, but it would be better if you could inform the lender about your job loss. If the lender has any objections, he will let you know about it.
Feel free to ask if you've further queries.
Sussane
Get the other job ASAP. If you get thye job fast enough, if they verify agian, tell them you have another job.
If you close, the lender they sell to may check your employment. Best to have another job at that time.
We can not tell you who will check when, but, whenever anyone checks have the next job.
If you close, the lender they sell to may check your employment. Best to have another job at that time.
We can not tell you who will check when, but, whenever anyone checks have the next job.
Hi John and Sussane, thanks for any input. I just got another job and made my start date just after settlement so I can get in the house and settle in. Will this be ok, it is in the same field? Please anymore information would be great.
Making the start date after settlement was not a good idea, especially if you had the option of making it earlier.
It is up to your lender. Most lenders want to see your first pay stub before they will close along with letter of employment before that (now). If you get paid weekly, not too long to wait. If you get paid monthly, could be a long wait.
Most lenders call and verify employment just before closing. If your lender calls the day before closing and you are not employed where they think you are, you will not close.
You now have a job and income. You'd best tell them now and work out what you need to do properly.
It is up to your lender. Most lenders want to see your first pay stub before they will close along with letter of employment before that (now). If you get paid weekly, not too long to wait. If you get paid monthly, could be a long wait.
Most lenders call and verify employment just before closing. If your lender calls the day before closing and you are not employed where they think you are, you will not close.
You now have a job and income. You'd best tell them now and work out what you need to do properly.
Is it 100% they will verify again? I know they had already sent letters out to verify already and everything is a go, I just want to know if you know that maybe some banks only will do it once or not. I have a very low mortgage payment of $1100/month I put just about 20% down, approx. $25k, also after they pre-approved me then they told me I had to lower my car payment which was $435/month. So I put $10k down to get my payment down to $200/month. We all worked very hard on this deal, mostly my father who helped me the most. Do you really believe they will 100% re-verify?
I would say to tell the lender that you have unexpectedly became unemployed. It is not your fault, it is just bad timing. But doing so may prevent you from completing the deal though, and I understood you saying that you want to close on the property.
Are you sure that you want to take on the financial burden of committing to something as serious as a mortgage without a job? that is a question that you and your family might was to sit down and seriously consider. I understand the emotional connection to getting the new home and so on, but a mortgage is a solid responsibility that needs commitment.
Are you sure that you want to take on the financial burden of committing to something as serious as a mortgage without a job? that is a question that you and your family might was to sit down and seriously consider. I understand the emotional connection to getting the new home and so on, but a mortgage is a solid responsibility that needs commitment.
Closing is tomorrow and it is 2pm ET. My realitor has all the mortgage papers already, I know they already verified my income with my job before so it was a solid verification. I am looking forward to closing in on my new home tomorrow and cant wait! Please pray for me because yes I can afford it I already have a great job lined up plus the 8k rebate I will have in 2-3 months plus my unemployment checks until I start the new job. I already purchased furniture for the home and I put enough money down to get my payment down to a measly 1140/month! So, it is not going to be a struggle, I have worked so hard for this and I think of it as a big accomplishment in my life. Please pray for me everyone, its coming down to the wire. I pray every night for this, I am sick of renting for $1000/month when I can own a beautiful home that is totally knocked out! John do you think everything is ok now? I want to thank you John and everyone else who has gave me advice and input as I was so lost. This is finally a dream come true, the house is so meant to be for me. Please god allow me to have this new home, I am a good person and I really do deserve it and want it more then anything in my life. I will never settle for just getting by, I am a go getter type of person and want to live comfortably so I plan on going back and making my 5-10k/month plus any side work. I came a long way from what I was and worked so hard to make this happen. I want to start a family in this my new home, so please everyone say a prayer for me, I am a genuine person who deserves this, not for everything to fall apart. I am thinking positive and plan on moving some things in already tomorrow after getting the key!
Good luck!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Hi Mike,
I think better you inform the lender about job change and be clear wiath all aspect with lender so that that will reduce your further headache. Also i would like you to submit your new appointment letter to lender so that you can build lender's faith in you.
That will definately help you in long run.
I think better you inform the lender about job change and be clear wiath all aspect with lender so that that will reduce your further headache. Also i would like you to submit your new appointment letter to lender so that you can build lender's faith in you.
That will definately help you in long run.
Better late than never, Nelria.
Everything worked out and Ive been settle in my new beautiful home and It worked out like it should have, thanks for everyone giving me their input
Congrats, Mike :-)
By not informing the lender of the change in employment status this borrower, most likely, commited mortgage fraud.....a felony. At closing he, most likely, would have been required to affirm that there was no material change to any of the information contained in the original application and he, most likely, would have been required to sign the "final 1003" that contains the affirmation that all information is true.
Any reply to the original post that said anything less than 'You need to inform your lender of your change in emploment status" was bad advice.
Although the second reply from the "Community Expert" did say "You now have a job and income. You'd best tell them now and work out what you need to do properly" his first reply stated "Get the other job ASAP. If you get the job fast enough, if they verify again, tell them you have another job." And then went on to wish the person "Good Luck" after the borrower admitted that he was going to close based upon his previous employment verification.
Just another example of why the mortgage industry is being regulated to death.
Any reply to the original post that said anything less than 'You need to inform your lender of your change in emploment status" was bad advice.
Although the second reply from the "Community Expert" did say "You now have a job and income. You'd best tell them now and work out what you need to do properly" his first reply stated "Get the other job ASAP. If you get the job fast enough, if they verify again, tell them you have another job." And then went on to wish the person "Good Luck" after the borrower admitted that he was going to close based upon his previous employment verification.
Just another example of why the mortgage industry is being regulated to death.
You're not wrong, Guest. There wouldn't be Truth-in-Lending if banks, etc. hadn't been ripping people off back in the 60s. There wouldn't be Equal Credit Opportunity laws if they hadn't been asking women about their family planning back in the day. There wouldn't be so much restriction now if it weren't for the clowns and ne'er-do-wells who scammed everyone in the last 10 years or so.
Yup, if people acted right, we wouldn't need laws at all. Oh well.
Yup, if people acted right, we wouldn't need laws at all. Oh well.