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KAILAMICHAEL · Joined: 16 Oct 2009 Posts: 3 2.04 Dollars($)

MY FRIENDS ARE IN THE MIDDLE OF BUYING A HOUSE AND HER HUSBAND IS BEING LAID OFF IN A COUPLE OF DAYS, THEIR CLOSING WAS SCHEDULED FOR THIS FRIDAY, BUT IT HIT A SNAG AND WILL PROBABLY BE A COUPLE MORE WEEKS, WHAT CAN THEY DO? THE WIFE WILL STILL MAKE ENOUGH FOR THE MORTGAGE UNTIL HER HUSBAND FINDS ANOTHER JOB. DO THEY HAVE TO REPORT ANYTHING TO ANYONE, LIKE THE MORTGAGE CO OR THEIR AGENT ?

jenkin7 · Posted: Wed Oct 28, 2009 10:30 pm Post subject:

Hi KAILA,

If the wife can make enough to pay for the mortgage, it should not be a problem. As the loan was supposed to be closed and income verification is already complete, I believe closing on the loan will not be difficult for you. However, in case you think you cannot afford the mortgage payments with only your income, there is no point in going for the loan at this point on time. If you can afford the payments, you can go for the loan. You do not have to report anything to anyone.

gmakerley · Posted: Thu Oct 29, 2009 8:43 am Post subject:

on the contrary, lenders do last minute verifications of employment to ensure that all remains well. that's not to say this couldn't slip through the cracks, but why take a chance? the lender must be notified of this situation, and the loan re-evaluated with her income alone.

additionally, loans are subject to quality control after closing as well, so this will come up. the lender will have to answer to its investor, which means the borrowers will have to answer to the lender. why not be honest and upfront about this - especially since the wife's income is supposedly sufficient to do the deal - and let the lender know what has happened?

y'know...it's called truth in lending from a borrower's standpoint.

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ONE BORROWER LOSING JOB