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Old 01-15-2009, 09:13 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,538,607 times
Reputation: 1009

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they normally verify employment within 1-2 days before closing, and will make you sign documents that will allow them to do it within 60days after closing

if you dont tell them then you'll have a problem where you can lose the new home, and will be required to pay in full the whole mortgage balance

Quote:
Originally Posted by Beth6711 View Post
Yes - Outside Sales. Now, I could ask him to make me an employee, as well, for this purpose. I actually have the choice (previous employer who said "I was welcome back anytime" after I left for this last job I got laid off from).

If they don't re-verify income at closing and I don't say anything, am I in trouble?
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Old 01-15-2009, 09:39 AM
 
6 posts, read 48,450 times
Reputation: 10
Eek! Well, we certainly don't want that. What a shame, too. I'll have no problem making payments...it's just a timing thing. After all this work! UGH!
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Old 01-15-2009, 10:07 AM
 
6 posts, read 48,450 times
Reputation: 10
I realize I have probably lost the house, but I emailed my lender and let her know. Thanks for your help!
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Old 01-15-2009, 11:37 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,538,607 times
Reputation: 1009
your earnest money should be refunded back to you

you never know....this could be a blessing, and you might've saved yourself a huge headache!

Quote:
Originally Posted by Beth6711 View Post
I realize I have probably lost the house, but I emailed my lender and let her know. Thanks for your help!
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Old 01-16-2009, 01:11 PM
 
Location: MID ATLANTIC
8,644 posts, read 22,788,447 times
Reputation: 10461
Beth, you did the right thing. We are calling on all closings within 48 hours to re-verify still employed. Did you say you are already in a new job? If you have a history as an independent contractor on salary, you should be fine. It's when you go from a salaried corporate employee to an independent contractor, there are some issues and now, tax returns are needed......in many cases. If you are guaranteed a salary, no one can mess with it.....it's when you have the possibility of unreimbursed business expenses the waters get muddy.

On the VA, VA is designed for Veterans, for the Veteran's protection and peace of mind. If the new job can be bridged to a prior job (and history) or service experience, the new employment must start within 30 days of closing. There must be full ability to verify the income. This is a very common occurrence around the DC area. As long as it's not subject to a security clearance (which can take over a year) and has a specific start date, and fits with all of the other employment requirements, the Veteran need not be on the job at the time of closing. (This is just on VA loans).
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Old 04-30-2009, 03:55 PM
 
2 posts, read 25,260 times
Reputation: 10
Unhappy Employment verification form problem

I'm looking for an alternative way to verify my husband's employment other than completing an employment verification form. All documents for my mortgage refinance are complete and approved except this. My husband is a union carpenter who has moved from job to job for over 20 years. He was employed when we started the refinance process but due to a delay with the appraisal company my husband's job finished and he is temporarily unemployed. He may not be sent to a new job in time to meet the deadline for this form. We've already gotten one deadline extension and I haven't given up on persuading the bank to give us another. Is there any other way to verify his employment? Is all of this decided by the bank or is there a federal or state regulation controlling how this is done? Any answers would be welcome.
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Old 04-30-2009, 04:45 PM
 
28,455 posts, read 84,921,999 times
Reputation: 18723
Status is key for those in the trades. If he has mostly worked as a 1099 contractor and can supply appropriate tax returns that should be OK.

If he mostly worked as a W-2 employee that is rougher, but he might still get by with a stated income loan as long as the income is verifiable, but this is a grey area.

If he got paid a lot in cash and has not reported it you have a big problem. The "liar's loan" game has been shut down and it ain't coming back anytime soon...
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Old 05-01-2009, 11:04 AM
 
2 posts, read 25,260 times
Reputation: 10
Smile Employment verification due when between jobs

Thank you for your reply, Chet. It fits with what my husband learned from his peers on the job. You can get mortgages based on a proven work records issued officially by the union. The drawback is you might have to pay a higher interest rate than the one we're getting now.

Thankfully, that is a mute point for us now. Since we were already at the end of the application process when the problem occurred, it was too late for us to choose a different type of mortgage, i.e., one based on verification criteria other than the form signed by an employer. Luckily we are getting a four week extension of our deadline which occurs in two weeks. I credit my loan officer for this. She really went to bat for us and got us the extension free of charge since there was an appraisal delay caused by the bank. My husband will easily be back at work in six weeks.

When my banker said they would extend the deadline free of charge I realized the answer to my question was pay for an extension of the deadline. I don't know what the charge would be but for people caught between jobs when the employment verification form is due, it would certainly be worth finding out. I hope others following this thread who are between jobs at the time of verification read this post. I had no idea that I had the option to pay for an extension. In my case the extension enables us to keep our really low locked-in interest rate and not have to start over on another application. I don't know why this kind of information is so hard to find. Maybe everyone else knows about it and I didn't ask the right question.
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