Can I Quit My Job After Closing on a House

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08-23-2010, xi:25 PM

1 posts, read 17,691 times Reputation: 12

Is this considered fraud should the heir-apparent quit his current job soon later closing escrow, and start a police schoolhouse while having a part-time job? The buyer never lied on his employment history, income, revenue enhancement, etc during the loan process. He has non yet turned in his resignation observe to his current employer. His savings and part-time job tin pay for the mortgage + taxation + living toll. If his lender finds out he quit, what is gonna happen? By the way he got loaned by a straight lender where his mortgage broker belongs and they will resell the loan to a different loaner later on close of escrow. Thanks in advance for your inputs.

08-24-2010, 06:49 AM

VictorBurek Location: Plano, Texas 1,675 posts, read vi,764,090 times Reputation: 696

The lender will verify his employment. If the employer says the heir-apparent is quitting, the lender will desire to reunderwrite the loan based on the income of the part time job.

08-24-2010, 08:08 AM

Location: Austin 7,238 posts, read 20,189,025 times Reputation: 9974

Yes, it would be considered fraud considering he has to sign something that says he doesn't foresee any changes in his employment... BUT testify information technology! He hasn't given notice withal and he would deny it if asked. Once the loan is funded, the lender tin't practise anything nigh it unless/until he misses payments and gets foreclosed on. If he stays electric current on his payments, they're non going to care.

08-24-2010, 08:36 AM

manderly6 Location: NJ 17,578 posts, read 43,615,453 times Reputation: 16226

People with mortgages quit their jobs everyday.

08-24-2010, xi:08 AM

jdm2008 four,399 posts, read 10,035,869 times Reputation: 2371

Quote: Originally Posted by VictorBurek The lender will verify his employment. If the employer says the buyer is quitting, the lender will desire to reunderwrite the loan based on the income of the office time job. Well the employer wouldn't say such a thing. The lender will inquire is and then and then employed hither and how much does he make. The employer will say yes he does and he makes x and that will be the end of discussion.

08-24-2010, 11:47 AM

Narfcake Location: Pomona one,955 posts, read 10,409,005 times Reputation: 1556

Quote: Originally Posted by jdm2008 Well the employer wouldn't say such a thing. The lender volition ask is and then then employed here and how much does he brand. The employer volition say yes he does and he makes x and that will be the stop of discussion. These days, though, who knows. When I got my loan concluding yr, the lender used a written VOE (verification of employment), and i of the questions asked was the likelihood of connected employment. It'south a far cry from a few years agone, when the only verification of employment, was whether or non someone worked at that place. Some lenders were and so lax about information technology that the verification was performed by the loan officer or broker.

08-24-2010, 06:51 PM

ilovebdj Location: Downtown Orlando, FL 573 posts, read 1,598,833 times Reputation: 545

Quote: Originally Posted by Narfcake These days, though, who knows. When I got my loan last year, the lender used a written VOE (verification of employment), and one of the questions asked was the likelihood of connected employment. I'm in the middle of refinancing my house through SunTrust and the officer asked this question to my dominate....I wouldn't incertitude that it's standard throughout the manufacture.

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