I'm currently scheduled to close on my home, Feb 11 and got word that I may be laid off Feb 9th, what can I do?

We do a verbal VOE prior to sending out the final docs. Most lenders follow the same practice.

Tell your lender what is going on. You don't want to close without a job. It's hard to say in this scenario, but sometimes things are not meant to be.

Hurry up and close. HR departments should only verify your employment, not its proposed continuity.

Hi Eaton, If You've landed another Job before you close you are going to be fine. Most Lenders Do a Verification of Employment literally within Days or Hours of closing. If the VOE does not come back as employed then if you have two jobs the Lender will have to make sure you are within debt to income limits for the loan that you Chose and the loan may have to be completely re-underwritten. I would tell your builder immediately because if you are working with their required lender the builder may be able to delay that completion date until you get a new job and you can close at a later date.

Get the loan funded before the 9th if you can! If you can be verified as a season worker, you might be okay.

Although you might be able to skid under the wire on this one, it's not worth the consequences.. Not disclosing your layoff is a big deal.. if you have enough income without your primary job and you've had it for at least 2 years and it shows on your tax returns, then you should be OK.. Most lenders will do a VOE prior to issuing doc's and your employer might offer up the info even if they are not directly asked, sooooo I would recommend doing the right thing and disclose it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

So sorry for your situation, very stressful! Technically it could be considered 'loan fraud" for you not to disclose that information to your lender - which it is not worth taking a chance on. (The FBI investigates Loan Fraud.) My suggestion is to either confirm a transfer within the company or find another job ASAP before closing. Some lenders (us included) will possibly allow you to close as long as they can verify what your income will be in the new position and you sitll qualify for the loan. Good luck!

Most banks, (if not all) do a verbal verification of your continued employment within 48 hours prior to settlement. If you are not working at that time, the loan will be cancelled. If you are still working this job at this time they may or may not find out that your employment will not continue, but it is a material fact that must be disclosed. If you have anpother job by then your settlement will be delayed or cancelled depending on the circumstances. Let your broker know what is going on. Since he is not the lender, he will have to contact the lender he is using and arrange the best solution to the issue wth them. The broker's opinion will not be what is pertinent, it will be the lender that has to assess the situation. The sooner you letthem know, the better off you'll be.... Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Lenders do a verbal verification of employment within a just a few days of closing. Also, knowing what you know, and not passing it along to the lender is a form of mortgage fraud. Be careful...

Hello, im about to close on my home and I recently changed companies. I'm still in the same job profession..is that going to effect my loan

We do not release the final docs to the title company for you and the seller to sign at closing, until we confirm VOE AKA verification of employment. Most lenders confirm employment and enough funds to cover closing prior to sending the docs to the title company.