Forgotten Your Password?

Need to Register?

Question Icon

laid-off off During Closing!

I was laid-off during closing! This happened on Monday and I am still in shock. I was with my employer for 30 years. I was given a good severance ($45,500 before taxes), but I am baffled as to what to say to my lender. I am worried about going into a new mortgage with no steady income and not true direction. Any advise would be great! ~Lost in LA LA Land by meder459 from Los Angeles, California. 14 days ago Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 716 contributions

Hi, I have never had this situation come up in my 18 years of being in this business. I wish i had some advise to give you but honesty is always the best policy. Best of luck

13 days ago
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

Well, you have to tell the lender.. For two reasons.. one, it's loan fraud if you don't, and two, they are going to find out anyway, so spare yourself the embarrassment.. All lenders will call your employer just before funding a loan to verify you are still employed.. so they will definitely find out.. However, the good news is that if you do find employment, then assuming your pay is similar to your past employer (salary, hourly, commissions, bonuses, etc.), and assuming you are still withing the allowable debt to income ratio, then once you have received your first pay check, the lender will still approve you.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

9 days ago
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

I have had this happen to me more times over my 20+ years than I ever care to remember. Unfortunately, you have to tell the lender, and it will probably kill the deal. The law requires you have enough income to safely affords the house payment. With no income, no loan. In the times this has happened in the past, a few people obtained new jobs right away, and with maybe a slight delay to closing, we were right back on track. Others, the deal had to die. Good Luck - I hope you find a job right away so you can save the deal. For loan in MN, WI, and SD, visit me at iMortgageJoe.com or (651) 552-3681. NMLS274132

9 days ago
0
0
Subscribe to our news feed.