I'll get terminated by the current employer shortly after the closing date. Should I inform the lender now before closing?

likehelpful
Posting as :
works at
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If you don’t want to close as a result I’d tell them now. If you still want to close I wouldn’t tell them at all.

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SM1: thanks for the info

I would not tell them, especially with the cash reserves to ride out unemployment

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Nothing on your application is a lie so 🤫

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It depends on your situation. Is where you live now going to hinder your job prospects? Something similar happened to me and I wish I would have kept my mouth shut. I desperately needed out of Wyoming, and it without a doubt set my career back a couple of years.

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You certify that everything in the mortgage application is true and complete, including your employment. I guess technically it is true that you’ll have the job through the close date, but to me that’s too risky. It would definitely be mortgage fraud if you lost your job prior to close. If you knew you were going to be losing it shortly after closing and didn’t disclose… I wouldn’t be comfortable not disclosing this in the event that they find out

Please tell me you have plenty of reserves!!

I know I'm taking a risk but hope that I can find a job in the next 6 months with the help of the severance. The complication is I don't know if I can get my 70K deposit back and need to keep my kid in the same school.

Id be silent

If you have years of reserves and you want the house, I wouldn’t say anything.

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