Posted on: 28th Mar, 2010 02:42 pm
I am currently re-financing my home, and adding my wife to the mortgage.
I run my own business, and my wife works for a company.
The mortgage company is running the standard 2 year work history reports.
My wife had a 6 month gap between jobs, and the mortgage company is making us write a letter to explain this gap....
What would be a reasonable thing to say in a letter like this so as to not jeopardize my mortgage????
(there were no medical reasons, or children)
I run my own business, and my wife works for a company.
The mortgage company is running the standard 2 year work history reports.
My wife had a 6 month gap between jobs, and the mortgage company is making us write a letter to explain this gap....
What would be a reasonable thing to say in a letter like this so as to not jeopardize my mortgage????
(there were no medical reasons, or children)
Hi thelordx,
You can contact an attorney and he will be able to guide you in drafting the letter to explain the gap between the jobs.
Thanks
You can contact an attorney and he will be able to guide you in drafting the letter to explain the gap between the jobs.
Thanks
i don't think you want to pay an attorney to write what ought to be a simple letter.
depending on the circumstances, the lender will accept or reject the explanation - what that means long-term is that they may not allow consideration of your wife's new job and income in calculating whether or not you'll qualify for this new loan.
quite simply, you need to make it simple for them. whatever the forces were that drove your wife to have a gap in employment, lay them out for the lender to see. if she left a job due to frustration and then took some soul-searching time before locating a new job, so be it (that's likely not a very helpful scenario if it's true, though).
if there were specific things that occurred in your lives (or life together) that contributed to her gap, let them know that as well. you certainly don't have to give them chapter and verse on your personal lives, but if you are straightforward and sensible in your approach, that'll serve you well.
depending on the circumstances, the lender will accept or reject the explanation - what that means long-term is that they may not allow consideration of your wife's new job and income in calculating whether or not you'll qualify for this new loan.
quite simply, you need to make it simple for them. whatever the forces were that drove your wife to have a gap in employment, lay them out for the lender to see. if she left a job due to frustration and then took some soul-searching time before locating a new job, so be it (that's likely not a very helpful scenario if it's true, though).
if there were specific things that occurred in your lives (or life together) that contributed to her gap, let them know that as well. you certainly don't have to give them chapter and verse on your personal lives, but if you are straightforward and sensible in your approach, that'll serve you well.
