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

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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.

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