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If a lender uses my salary to consider me for a loan, what happens if I get fired or I quit?

Is there any issue with getting laid off or quitting soon after the closing date on a property? Do lenders specify a period of time you have to stay employed after the closing date on the property? As long as I can continue to make the rent payments, is there a problem?
Thank you!
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March 05 2009 - North Dorchester
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Profile picture for FishRoy
Have you been awake in the last year? You should not be getting a loan of any kind. Do us a favor and cancel all your credit cards and pay off and unsecured debt and never, ever borrow money from anyone ever again.
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March 10 2009
You'll be verified day of Funding with most Lenders.  After that... They wont be looking into that. 
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March 10 2009
I would think that as long as they do the verification of mortgage and they state you are presently working there, you would be ok.
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March 10 2009
Most lenders will do a verification of employment within 5 days of funding. I have heard of cases, that after the loan funds, the bank that is buying the loan may do one as well.....But if it is a couple weeks out, then I THINK you are safe.
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March 10 2009
To reiterate previous comments.. as long as your employed through the mortgage to closing your fine on the loan.

Re making payments.. its up to you at that point.  You can buy Mortgage Payment Insurance whcih will pay your mortgage if your laid off.  Its not cheap though.
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March 10 2009
That is why lenders require a two year history of employment the assumption is that if you had a job you will get another job and continue to make payments. Obviously it is easier to assume that than live that, but you have nothing to worry about. If you take out a loan based on your currnt income but plan to quit immediately after you probably won't have any issues, but I beleive it does violate the terms on the uniform residential loan application. Same thin if you buy something after application and it doesn't show up on your credit report and you don't mention it. You probably wouldn't get in trouble, but you are misrepresenting your financial situation.
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March 10 2009
psheperd, if you get laid off and show 5K income for next year and also write off $6,000 in mortgage interest, the IRS may want to know how you are making the house payment. 
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March 06 2009
There's no requirement that you stay in a job beyond the settlement date...but if you have a concern about the stability of income, why would you be considering a purchase? Do you have some other means of making mortgage payments? (Hopefully you don't plan on living off "savings" and depleting what money you have in the bank).
Do you have a trust fund? social security? pension? Lotto winnings? How will you pay the loan without a salary?
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March 06 2009
Nothing will happen, if you keep pay your mortgage.
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March 05 2009
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CORRECTION: I mean mortgage payments (not rent payments).

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March 05 2009
 
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