Can I quit my job after I sign my closing papers??

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Icon Mini Profile shoegalchanel





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Post Posted: Mon Apr 27, 2009 7:27 am    Post subject: Can I quit my job after I sign my closing papers??
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We just signed our closing papers for a refinance on Friday, I was told it sits (incase we decide to cancel) for 72 hours. If I quit my job before those 72 hours are up, will that affect my loan? Do they verify employment after the closing papers are signed?
Icon Mini Profile JKennedySLG
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Post Posted: Mon Apr 27, 2009 8:13 am    Post subject:
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A few of the lenders I deal with will verify employment after closing docs have been signed. I would recommend sticking with your job for the time being. I hope this helps...
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Post Posted: Mon Apr 27, 2009 8:39 pm    Post subject:
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I would suggest you to stick with your job, until everythign is settled.

You must be happy that your refinance is approved and just do not messed it up at the last moment.

Even though it may not appear on your public records about your employment immediately, but the lender may call to vlidate then you will be in trouble.
Icon Mini Profile jameshogg
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Post Posted: Mon Apr 27, 2009 10:55 pm    Post subject:
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Hi shoegalchanel,

I agree with James here. You should not leave your job after signing the closing docs. If the lenders verify your income after closing, he may cancel your loan.

Thanks
Icon Mini Profile gmakerley
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Post Posted: Tue Apr 28, 2009 11:52 am    Post subject:
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if you are talking about quitting a job so as to take a new one, that's a different story, particularly if it's a better job.

on general principles, however, i'd say don't quit.

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Icon Mini Profile ashleyblanton
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Post Posted: Thu May 07, 2009 3:22 pm    Post subject:
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MOST lenders i deal with do a verification of employment within 5 days of funding. So that is AFTER you sign your closing docs.

I would NOT quit til your loan is recorded. Which is generally 48 hours after funding.

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Icon Mini Profile eric1
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Post Posted: Thu May 07, 2009 7:47 pm    Post subject:
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Aside from tricking the bank...I hope you have a plan to make your payments after you quit your job.
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Post Posted: Thu May 07, 2009 8:26 pm    Post subject:
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Interesting comment Eric.
Lorraine In NJ

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Post Posted: Thu May 21, 2009 1:58 pm    Post subject: Quitting a job after a re-fi??
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Granted, if you have an offer of a better job or a higher paying job, providing two weeks' notice is fine. HOWEVER, I can't tell you how many deadbeats in Florida quit their jobs either the day before or after the closing, with NO intention whatsoever of getting another job. They used the amount of the cash out to live on, took a shot at unemployment, and with one of those snazzy interest-only ARM's, "skated" on making small monthly (interest only) payments for two or three years!!

What happened when that time was up? You're LOOKING at it, people. Foreclosure, foreclosure, foreclosure. With rates adjusting upward and these lame people not wanting to go back out and get jobs, it's bye-bye house.

So there's your answer. When you take out a mortgage, you have an OBLIGATION to make the payments. Quitting your job without having another one flushes your ability to pay right down the toilet. Only you can answer for yourself on that one.
jancy

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Post Posted: Wed Aug 26, 2009 2:47 pm    Post subject:
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why would you guit your job? who quits nowadays?....you need money don't ya?
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