A pre approval means that the bank will issue you a mortgage loan based on the information provided however before approving the mortgage the bank will verify the documents. If the documents were not verified and you already got fired then most likely you will not be able to get approved as the x employer will not verify the information of your employment.

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My friend and her husband just bought a house but he may lose his job in a few weeks. he won't have a problem finding another job quickly but will this affect the sale of the house? do you have to tell them? will the bank somehow find out before closing?

Some would say not to tell. some would say full disclosure is key. In this day and age, if they do buy and he doesn't find a job quickly, they would only be hurting themselves, ie; missed payments, no upgrades etc. it would also look bad after the fact if they did get the house, and the bank found out he didn't have a job. If he isn't sure if he will lose it or not, I would wait until he knows for SURE, then tell the bank and see what they say. there were/are some loans to be had with no income verification but they usually come with a whole world of sh@% that they really don't want to be involved in. (search subprime fiasco...) NOW the bank repeatedly verifies this information right up until closing, as to not have anyone buy a house that they can't afford to pay for.

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My closing date is aug. 8. i think my job mabye in jeopardy. if i lose my job before closing date...do i have to tell my mortgage bank? what happen if i get another job before than? do i still have to tell them? yes or no?

Do your best to maintain your job at this point while looking for another job. You may want to consider getting 2nd job at this point just in case. More than likely, the loan company is not going to ask you. They may find out and the deal will fold. Some companies are known to check the day of closing. Remember you could lose your job immediately after closing and be in the same predicament. You would have to decide if you willing to take the risk. If you are willing, use the "don't ask don't tell" policy.

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My wife and i had approval on a mortgage loan and the day before closing she lost her job which meant that the finance company wouldnt continue with the loan.will we be responsible for paying anything at this point or is it just a matter of the realtor getting us to sign a release from contract?

sorry for your income loss. YOUR query is not uncommon. SINCE you have not signed your promissory note with your lender and they have not given a check to the seller, you are not obligated to anything. YOU will lose your deposits as the fault is not with the seller. YOU must walk. It is that simple. You can be gracious and tell the closing firm [title company in title states like mine, Az], and the seller's agent and of course your agent if you have one [you should.] YOU may sign releases or whatever, but it is not required. YOU are no longer legally and ethically a buyer for real estate AT THIS TIME. Keep your head up, be proud and look forward to the time when you can again buy. if feasible, your lender might keep the agreement to lend available..........

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I work for my mortgage company. i have already confirmed that i can do a short sale, and not lose my job. i am being transfered to another location, in another position within my company. i cannot afford to commute to the new location. i am already behind on my mortgage. my question is this. if i qualify for a deed in lieu, is there a risk or chance that i could lose my job (if i follow thru). any assistance is greatly appreciated. my home has zero equity. in order for me to proceed with a short sale, the home would have to be on the market for 90 days. i cannot afford the closing costs, should someone opt to purchase the home.

If you are a mortgage loan originator, as of January 1, 2011 you can denied a license for demonstrating financial irresponsibility. The definition of financial irresponsibility is different for each state. In California, you can be denied a license for not paying child support, filing for bankruptcy, a short sale, Deed in Lieu, and / or a history of charge-offs. (among other things)

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What happens if you lose your job before closing?

Your best move is probably to get out of the deal. What if you find a job in another city? Will you be able to sell this house? If not, can you rent it out? Who will take care of the landlord's duties? Will you have to leave your family behind? Of course, if you've put down a sizable deposit, you would want to take all steps necessary to get it back. Does your sales contract contain a financing contingency? If so, your lender will probably cancel your commitment as soon as you notify them of the job loss. That would be one way to cancel the contract without losing your deposit or risking being sued for damages by the seller. If you do not notify your lender, then you might well be committing fraud. Take a look at your application. Are you required to inform them of material changes in circumstances? What will you have to sign at the closing? Will you have to sign the loan application? Is your loan insured by the federal government? If you can afford it, you might consider meeting with a competent real estate attorney in your area to review your sales contract. He or she should be able to suggest strategies for getting out of your contract without losing your deposit or exposing yourself to a potential law suit. Good luck.

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I got a mortgage approval and got a week away from the settlement/closing table and i lost my job. we had put so much into getting the house and after much agonizing we decided we could still afford it and be financially comfortable. today at the closing table i signed a document saying that i allow my mortgage provider to check my employment (again!) for verification. it didn't say they would, just said they could. will they check my employment, again? is this common practise to check employment after they purchase the house on someone's behalf? if they check my employment and find i no longer have that job, what will they do? thank you for your advice.

Well, if you default on the loan they will sue you for fraud. You signed it knowing full well that you had no employer at all. I would really think about it, is it worth prison? I would be surprised if they check again w/o something happening to trigger it.

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I just lost my job will rbc still give me a mortgage my house closes at the end of june and all approvals are in place?

I think it would be little difficult but not a big problem.

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Lost my job due to attendance problems because of medical and now am not able to work because i have a hole in my leg, which is a risk for any compajny to hire me. having financial problems to pay the mortgage. husband already filed chapter 13, but now unable to pay even this without sacrificing losing the home. there is a possibility that i may never be able to work if hole does not close. what answer to you have for this one?

Im sorry to hear about your situation. You should consider working right from home. No need to be on time! My wellness team is expanding, looking for serious partners who want their own legitimate home business. *GREAT COACHING - we work together as a team! FREE Website & Training, No Selling, Amazing Support, NO Risk! 25 year old business approved by the BBB We would like to hear from you! Visit: www.workathomeunited.com/amykleve

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I have found a house that we like(first time buyer). wife can't be on loan, she had foreclosure prior to marriage last year(lost her job),back in college. we moved back to her home town, so i took a job with co and they are in trouble(many layoffs). i have a chance for a new job offer but credit is only hittting 600 (all clean,had slow pmnts due to layoff last yr at this job). we only have a few thou to wrk with and would arbor mtg be a place to get decent loan? fannie mae? help here plz. we have to move soon in 90 days and don't want to get in the rent merry go round. that saps your savings and you can't have pets(have 2dogs/ cats) i don't want to get rid of pets wife would be devastated. we found a house that has great backyard and space for family. we are worried about losing any$ for appraisal and it falling thru due to all the foreclosures around area (house is only 60000)/ needs minor repairs. what would be a decent offer/on busy street/older neighborhood/ some urban blight

Fannie/Freddie 100% programs are drying up fast - the mortgage insurance companies are pulling out. Check out your state's Housing Finance Agency for first-time home buyers. With 600 scores, it's going to be tough. 97% programs are still around... for now. FHA might be an option. You would need 3% down, but it can be a gift. Plus you could get a seller concession for the closing costs. Gone are the days of easy money in the mortgage market.... for now anyway. To buy a home, saving at least 5% for the down payment puts you in a much better position. And the first step with your credit... do what you can to get your score above 620 as soon as possible. On a Fannie Mae approval with scores less than 620, you're going to have a higher rate or you'll need to pay more points. Good luck.

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I'm currently under contract for a home. we just did the home inspection and everything seems to be heading in the right direction. it's a short sale so we don't know when closing is until we hear from the bank but all seems positive. except, i just lost my job. i had an interview the day after i lost my job and i just recieved a call that they want me to come in for a second interview. so it looks positive that i may get the new job but i don't know until i know. so my question is, what do i do? do i tell the mortgage company that i lost my job? do i wait and see what happens with the new job? can i get in trouble for not telling them as soon as i lost my job?

You'd better. They're going to ask you to certify (right before closing) that nothing in your financial situation has changed since your initial application. They may reverify employment with the employer, too.