I bought my first house alone can i add my boyfriend to the house after the closing cost?

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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 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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Me and my husband are in escrow right now, and after almost 10 years, i was unexpectedly laid off. i have already lined up another job, and escrow is not closing until november. will they check employment status again? i am not very worried about the qualifying part because my husband draws two incomes, but how will me, not the primary income, losing my job affect the escrow? and please, this is a very rough time for me, so please no insults or stabs. i would never continue to buy a house i would not be able to afford.

They will recheck, they always do. You need to inform them of your new employer and give them the HR contact information. As long as you let them know what is going on there should not be a problem.

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We have been in a contract for our home since march, we were supposed to close on june 16th, but it was pushed back. we found out we can close tonight, and i quit my part time job exactly a week ago. my mortgage company said they will call me back and i still haven't heard anything...did i just lose my house?! btw the job wasn't counted into our approval amount because i hadn't been there long enough...

If the job was not considered then it doesn't matter if you have the job or not. You just needed to schedule the Closing.

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I live in sparks nevada i am 29 years old. i was making 200k+ per year and my company closed the door on all of us. can anyone give me a job making even half this? please i need help and am thinking of killing myself.

First off, no job or house is worth dying for. If you're seriously contemplating suicide, get yourself to a mental health facility. That being said: I am sorry you lost your job and soon, your house. I am in the same boat. So far this year I've lost my wife, my job, soon my home... I swear if anything happens to my truck or my dog I'm moving to Nashville to be a country singer! Seriously though, if you were making that kind of money before I'm sure you have transferable skills. Look around the country for a job you think you'll really enjoy! I'm moving to Hawaii in January! I'm probably not going to be doing what I was before, but it's an opportunity to reinvent myself. There is much more to life and happiness than a big paycheck and a big house with big bills. Take advantage of being on unemployment, learn a new skill, search within yourself to find what it really is that makes you happy. Best of luck, and again... seek professional help if you are seriously thinking of killing yourself.

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Call your local government agencies. They will help you. Today, I want you to cut off your cable, cell phone, and all unnecessary services. Never take your kids out to eat fast food, and give them only water or koolaid to drink. It's time to hunker down. Refinance while the banks do not know you have lost your job yet is your only hope . And spend tomorrow on careerbuilder.com

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I just got fired from my part-time job on tuesday for accusation of theft. i would give out discounts when i was not supposed to and the store lost money. i have to pay them back the difference or they get police involved. my question was: my husband and i are closing on a house on friday (3 days after getting fired), will this whole situation interfere with closing on the house? also, do listing agents call your place of employment? note: we are paying cash and will not have mortgage.

Since you are not using a mortgage it will not matter.

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My husband and i are closing on a house next month. what would happen if one of us were to lose our job after securing financing, but prior to the closing date? we know that we could afford the house and all other payments if this were to occur on one income and unemployment without ever touching our savings, but am i right to think that this will not matter to the lender? do you have to lose the loan? i know we couldn't qualify on one income alone, but we have excellent credit and a very low debt to income ratio. is anything else taken into account if you lose one income? also would there be any chance of getting our escrow deposit back if this did happen? i am really nervous something might go wrong!

The smartest mortgage lenders make a last minute phone call to your employers to verify that you still work there. They also run a last-minute credit report. (not all do this but most do). With only one income you would be rejected for the original loan. You would be switched to a different loan that was less risky for the lender. Or they would make you put more money down. Your failure to qualify for the loan would be reason for you to get your earnest money back; since you made a good-faith effort to buy the house. You did not intend to lose your job..

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I am under contract for a house, closing in 2 1/2 weeks. however, i have just learned that there will be layoffs at my company at the end of may (about 2 weeks after i'm scheduled to close) - and i have about a 20% chance of being one of them. but, of course this also means i have a good chance of not being laid off. if i pay my down payment and close on the house, i will have about 3 months worth of living expenses left over (including mortgage) before having to tap credit cards, 401(k), etc. in the case i lose my employment. my question is: should i walk away from the house deal now? i will most likely lose my earnest money deposit. but is this worth it to maintain a financial cushion and flexibility? or is the risk worth it to move forward on the house? does anyone know how lenders typically respond in situations like this? any advice is appreciated.

I can't tell you what to do, that is something you are going to have to figure out on your own based on how nervous you are. You have to live somewhere though and make payments to somebody for where you live...so why not the place you were going to buy?? If you wanted to get out, you could sabotage your loan approval by letting your lender know that you think you are getting laid off. Most likely you will get denied by them and most contracts have a clause in them that you can get out of the offer if financing isn't approved. I don't know if that is shady or not but that is one thought I just had!

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The verification of employment has already been done 30 days ago, will they check again?

Somewhere along the way, you will sign something that says "If there is a change in my employment status, I agree to notify the lender immediately." If you proceed with the closing without notifying the lender, you will have committed fraud. Probably nothing will happen if you pay your mortgage on time each and every month, but if you go into default and get foreclosed on, they will do whatever they can to get the money out of you