Well, the ol’ crazy boss called me into the office today and we basically discussed my unhappiness with working there and his ‘dislike’ of my attitude and my inability to stay late and such. And so we both agreed (although me with a bit more trepidation) that it would be best if the company ‘made a change’, i’m gone at the end of the month, and he assured me I would be ‘much happier’ not working there.
which is true.
Except I’m buying a condo in two weeks. I’ve put down earnest money, signed mortgage contracts, developer contracts and scheduled the closing.
And now my husband is a bit freaked. He says we have to report that I’ve been fired to our mortgage broker because now we no longer qualify for the loan. We’re afraid we’re going to lose our mortgage.
Check that, I’m nearly nauseous at the thought of my stupid attitude losing our condo for us.
Does anyone know if we have to report me losing my job? We can still pay the monthly bills with Mr. jar’s salary.
I’m very sorry to hear about your being ‘let go’… but I hope it’s true that you’ll be happier without that job weighing you down.
What I know about mortgages would fit on the point of a needle, but if Mr. jar can afford the mortgage on his salary alone, won’t that be enough to satisfy the mortgage people?
But they gave us the mortgage, knowing we made a certain monthly salary, now it’s a different salary, it could be that we no longer qualify. that’s what I’mm worried about.
This is not advice - it’s an anecdote. Right after we got married, my husband and I were buying a house. We qualified for the mortgage easily, and we had to assure them that we weren’t getting out of the Navy any time soon. We were pretty sure that we’d get out by the end of the year, and we did.
A year later, we were moving out of the house and renting it to strangers so we could make the mortgage payments. A year after that, we sold it to our tenants. It was not the smartest real estate transaction we made.
From what you’ve stated, it sounds like that you could get away with now reporting this, assuming your realtor and lender are good. Just make sure you are comfortable with the payments and hopefully you’ll have a new job soon to make up for it all.
A “Pre-Qual” letter DOES NOT mean you have the loan. Make sure you have a bonafide loan.
A lot of realtors go on the Pre-Qual Letter and then, a week before closing, everything falls apart because you never really qualified. They do this because it makes their numbers look good to their broker.
I wouldn’t report it unless you wanted to get out of the deal. If you’ve previously satisfied the lender’s documentation requirements, I don’t see the point.
You had no control over whether you lost your job or not. (okay…I’m leaving the attitude out of this…so that doesn’t count) You could have lost your job the day you actually hand the money over for that matter.
You feel comfortable about making the payments with or without your current salary.
You have not been dishonest or misled the bank.
I personally see no issue with it. The bank made the decision to give you the mortgage based on the relevant information when you applied.
Having said that, it’s probably due diligence to reread your documents. If there is a clause that states you must report any changes in financial status between the signing and the closing, I guess that would be the only reason to report it. After all, you don’t want to jeopardize your financial track record if it only means holding off a little while longer while you reestablish your financial position.
There’s a difference between “qualified” and “approved”. If you are approved, I wouldn’t worry about it. Somewhere on your application, you answered a question concerning the likelyhood of your continued employment. You probably answered that question “yes”, in good faith. If that’s the case, you should be fine.
Yes, we’ve done that. We’ve filled out the application, and signed all of those things, and the realtor called and said, congratulations, you’ve bought a house or whathaveyou.
Welp, I am certainly not a financial expert either, but if it boils down to definitely losing your mortgage if you do report it, and possibly losing your mortgage if they find out - I certainly wouldn’t volunteer the info.
Don’t report it! All the bank cares about is getting their money, not who earns it or how.
When you fill out a mortgage application, all they want to know is if your financial situation fits into whatever little formula they’re using to make sure you can afford it. They really, really don’t care about anything else, honest.
After that, as long as you make your payments, you’re good. Don’t sweat it.
Congratulations on becoming a homeowner, and enjoy.
Just went through this. I was refinanceing my house, ready to close. I got laid off. I was technically still on the books because of severance for another month and I went ahead and closed. I wouldnt tell them.
I’m with ReBusEniGma. I really don’t see this as a legal issue, rather a moral one, and I don’t see a moral problem with it. At all. You entered into this agreement honestly and openly. Things have changed, but not because you tried to cheat anyone or do anything dishonest.
Enjoy the house, and whatever the future holds workwise. Change is scary, but is generally a good thing.
When you sign a long term mortgage, the mortgage company assumes there will be things like job changes. Few people stay in jobs for the length of an entire mortgage. They assume that if you made X dollars at one job, you can probably make aproximately the same or more at Y job.
What you need to do is decide if this is true. You have one chance now to make an honest asessment of your long-term prospects combined with your ability to pay on the mortgage. Do some math. Figure it out. Make sure you’re comfortable with the payments. If you are not, report it to the mortgage company and your broker and tell them you’re breaking the deal.
If you’re still comfortable , don’t worry about it.
If you’re closed and done and had your celebratory toast, you’re Jake.
If you still have yet to close, you’re not so good.
When you close, you have to sign a form (at least in Ohio) that says nothing has changed income-wise since all the financial stuff got started. If you lie on that form, you are LYING TO THE FEDERAL GOVERNMENT! (Ooooo… that’s baaaaad…)
If, on the other hand, you still have your job (as in: your last day is after closing) you are, once again, Jake.
(Just closed today. The whole thing is still fresh in my mind.)
Oh wait. I just actually READ the OP. You close in two weeks. (Duh. Like you said.) You have your job till the end of the month. (Again, duh. Same reason.) Keep your mouth shut and your head down. As long as you can make the payments you’re fine.
Just another me-too post to say don’t bother reporting it. It’s a done deal (well, except for the closing – but you’ll still be employed then, so as Rue mentioned, you’re Jake).
Also just wanted to say congrats on the condo, jar!
