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What happens if you lose your job after closing on a house?

by mark.sanford148 from Weatherford, Oklahoma. Jul 14th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

If your worried about the lender calling the note due, then so long as you didn't do anything illegal, it's not going to happen.. So long as the loan has closed and funded, and you had no knowledge that you were going to lose your job, then the lender has no recourse. If the lender finds out you knew about it prior to closing, but you never told them or you had someone at your employer lie to the lender when they verified your employment, then that's loan fraud, and they could call the note due and have you prosecuted. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Jul 14th 2015
Wayne Barnes (wbarnes)
#4 ranked lender in Oklahoma - 12 contributions

If the loan has closed it is probably safe to say you have moved into the house. The first thing to do if you have lost your job is to not panic.Your priority is to continue making your payments. I am hoping your real estate agent gave you the advice to NOT buy more house than you can afford. I tell my clients they do not want to live and work just to make house payments. That is no fun and you will hate your life.Find your new job. Cut back on ALL spending. You are going to have to live somewhere, so do all you can to not lose your new home. If you have never worked with a budget, start one. Here is an article which may be helpful. here is some information on getting out of debt. you want some credit counseling - you know someone ready to buy or sell a house, I would appreciate a referral. I can help anywhere in the country through my referral network.Wayne Barnes - www.come2ok.comBest of luck.

Jul 22nd 2015
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