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We are in the process of buying our first home. It is set to close in the next week or two, earlier because of what we put below. The mortgage has been approved, we are just waiting for title work and a couple of things from our attorneys.
The problem we have is that I took another job in the process. Basically I was almost forced too, the old boss is running the company into the ground and owes me money and this was the first opportunity I have seen in almost a year. It involves a pay raise in the same career field. I just gave notice and will start the new job soon.
The mortgage councler knows about the situation and does not work for a bank, he is independent. He says that the bank may call my old employer on the status of my job the day we close, although they supposidly already did as part of the mortgage condition. He also says not to bring it up unless the bank questions it and to close as quickely as possible.
So what would happen, would it just push back the closing date or could it involve me not getting the house. Do they really call your employer a second time? If it does push it back, do you think it would involve a time frame of more than a few weeks? Just looking for second opinions.
Last edited by Ultrarunner; 06-22-2008 at 11:52 PM..
Location: central, between Pepe's Tacos and Roberto's
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I can't imagine that this would present an issue. I personally would be proactive and get a verbal or written verification of employment or a letter of intent to employ from the new employer and write a letter of explanation to the lender letting them know what the situation is. I think that taking the high road on something like this would actually eliminate any potential problems that may arise if the lender does do another verbal VOE, especially if due to what the former employer says the lender feels like you are trying to get over on them.
1. Is it w2 or 1099?
2. Are you salary or hourly?
3. How long have you been there?
You may want to apply with another lender with your new job 'just in case'.
I could NOT imagine why they WOULDN'T send this file into Quality Control for fraud. Remember that it still isn't over even after the loan closes.
They will sell the loan to another lender, and that lender may pull work verification. If they feel that someone lied on the application, then they'll send the loan back to the 1st lender.
The fact that your new job is in the same field AND provides an increase in pay are BOTH to your benefit.
Get a letter signed by your new manager/owner describing his/her intent to hire you fulltime and state the salary/commission.
Yes, most lenders will call to verify employment just before final documents are issued -- anyone can lose their job. You, however, are voluntarily moving 'up' -- not out!
Congratulations -- be forthright! And, go conquer bigger dragons! Always level with your loan officer!!!!!
You have got to be kidding!
My son & DIL are supposed to close this Friday
She waited until after everything was approved before she switched jobs and basically what it is she was working for a Department of Defense contractor but has now been hired by The US to do the same work she was but as a Federal employee versus dod contractor....I don't even want to tell her this
Then don't! It's her affair, and this sounds like 'similar employment' in the same field to me.
Look, some people take jobs simply to get the health benefits, then quit. People who have steady employment may have opportunities in front of them which they take advantage of -- any underwriter seeing this will obviously grant the approval. Stop worrying!
If in fact she's trying to 'work' the system for some ulterior motive, well...shame on her. Good Luck!!
Then don't! It's her affair, and this sounds like 'similar employment' in the same field to me.
Look, some people take jobs simply to get the health benefits, then quit. People who have steady employment may have opportunities in front of them which they take advantage of -- any underwriter seeing this will obviously grant the approval. Stop worrying!
If in fact she's trying to 'work' the system for some ulterior motive, well...shame on her. Good Luck!!
No this is a step up for her, she's doing the same job, even reporting to the same person just as an employee of the government now versus a contractor.
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