Hiccup

[hello_helloo]

So I found out today that mortgage companies are re-verifying employment 3 days before closing.  This means we need to go ahead and tell them now about Lance's job change.  He's scheduled to start the week after we close, but HR could easily mention is resignation

Comments

[thisoldanvil]

Wait. Before you tell the mortgage company anything, check with HR. Most companies have very strict policies regarding information they give out when verifying employment. It's usually restricted to start date, job title and duties, and rate of pay. Due to fear of legal liability they don't give out negative info like discipline history. I would bet they wouldn't say anything about Lance having given notice to leave (until after he's gone).

[hello_helloo]

I wondered about that. We did already tell the lender, though. They said as long as we close by before he starts, the 27th, we're all good, no change in terms. We have the closing set for the 22nd and the final paperwork is on its way to the title company. I think we're all set.

If the closing gets pushed back, they said they would have to re-verify employment so we would have had to let them know. The terms would change and we probably wouldn't do it. Higher interest rate, not being able to do an 80,10 loan, etc. The issue would be with the 2nd lien lender. The main lender has been great. They're a local company that has been around since the 60's. I love that it's a community bank!

I did start a little packing yesterday. Now that I know things are on the way to the title co., I'm going to be busting ass packing this weekend.

Not a done deal, but it's looking very, very likely.

[lenkache]

The new job means job stability. The bank should be happy : )

[hello_helloo]

I agree, but ever since the mortgage meltdown, they've gotten really paranoid.