What happens if your mortgage company finds out that you’ll be laid off at the end of the month, and you close on your brand new house a couple weeks before that even takes place? Will they deny you?

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Yeshhhh do you even want to close still?

likesmart

Not if you didn’t knowingly lie to them during the application process.

More important question: should you be closing on a house at this time? A new mortgage is a lot of stress.

likesmart

All depends what’s in your proof of employment

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Yes. Source: husband is mortgage broker.

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To clarify, if they contact your employer and ask if you are currently employed and you are, you will not be denied. Your employer won’t volunteer that you’re “about to be laid off.”

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When you close, you legally attest to all the information in your application.

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We aren’t hiding any info. We found out about the lay off at the same time of the verification. We just want to know the possible outcomes or what we can do.

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So to answer a few questions. I’m still employed, but it’s my spouse. I can handle the mortgage by myself. We just sold our current home before we knew of the lay off. Leasing back right now. We have $100k in the bank. And his employer did tell our mortgage person about the future lay-off at the end of May. She was surprised that they said that. He is full time right now until May 31. We have been in the process of building this home (way back in the Fall & close next week)

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