Click To View Links

Losing Job Before Closing

by Francis
(Frederick, MD, USA)



My wife and I are buying a house. We went through all the mortgage processes successfully and the date for closing and settlement is 12 days away. Unfortunately my wife is losing her job just 5 days before closing.

What will happen at the closing table? Should we inform the lender (loan officer) now? We are really upset!!

=====ANSWER=====

Hi Francis,

I can understand how you would be upset.

If you are using your wife's income to qualify for the loan, you will need to let the loan officer know this right away.

They would likely discover this anyway since it is not uncommon for lenders to do a VOE (Verification of Employment) on the people included on the loan application just before closing.

Sadly this may cause you to disqualify for the loan and the deal could fall through.

Sorry to be a bearer of bad news but this cannot be hidden nor would you want to since it would be hard to afford the home anyway.

I wish you the best.

Kind Regards,

Jeff Ragan

Comments for Losing Job Before Closing

Click here to add your own comments

Losing Job Before Closing
by: Lisa

What a terrible thing to happen!!! My husband I were just discussing the same problem for us. His job may end soon too. We were considering putting an offer in on a house, but perhaps we should wait and see what happens.

It makes me very upset for all the changes that are happening. We want to take advantage of the good home prices. Hope things worked out for you.

Closing on mortgage and loss job few days before closing
by: Anonymous

Did you end up closing on your house? Same thing happened to us and my best friend just lost his job with his closing next week.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Ask The Expert.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. Mississippi Real Estate Agents

    Sep 25, 17 06:00 PM

    Looking for Mississippi Real Estate Agents? Find the best MS Real Estate Agents and Brokers listed here in this FREE directory.

    Read More

  2. Billy Byrd - Walker Realty & Land Co.- Hernando/ Oxford

    Sep 25, 17 05:56 PM

    If you are looking for someone who will look out for your best interests, Billy is the Realtor for you! Billy will look out for you by putting his extensive

    Read More

  3. Colorado First Time Home Buyer Grants | Programs | Down Payment Assistance

    Sep 18, 17 05:14 PM

    Probing for Colorado first time home buyer grants available to purchase a home? Find the best grants or programs for home buying in Colorado on this page.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter