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Answers (8)
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
once you ink the deal the house is yours... of course your lender will want to see their payments on time each month, should your quite 3 days after recorded and the bank feels you 'frauded them' they could come after you, but the chance are slim, espeically if you pay your note...they really don' care as long as they are being paid...
Once the deed is recorded, employment considerations vanish, (excluding, of course, your ability to pay the mortgage.)
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
You will not lose your house if you quit your job, it's only considered fraud if you lied on your loan application with a fake job, fake check stubs and fake tax returns... If you had a job when applied for and closed on your mortgage loan you will not lose your home, only in the event that you stop making your mortgage payments can you lose your home to foreclosure. Hope this helps!
- HomeSand.net, "White Picture"
- Contributions:4389
You will not lose your house if you keep pay your mortgage monthly.
- wetdawgs
- Contributions:26751
If one voluntarily resigns one's job, the individual is not qualified for unemployment.
- Pasadenan
- Contributions:21408
As suggested, you only lose the house if you don't make the payments, and even then, it is about a year from the time you stop making the payments until you are kicked out. So, if you don't need the income, who cares if you quit your job?
But I certainly wouldn't want the responsibililty of all the expenses with no income. And "unemployment" usually doesn't cover most people's expenses.
Well since now you told the lender via this thread that you have no intention of paying the mortgage, perhaps escrow will fall through and you will not be buying a house after all?
Since you don't want the house, why are you buying it in the first place? Why don't you just live under a freeway bridge so that you won't have to work to pay for "housing"?
But I certainly wouldn't want the responsibililty of all the expenses with no income. And "unemployment" usually doesn't cover most people's expenses.
Well since now you told the lender via this thread that you have no intention of paying the mortgage, perhaps escrow will fall through and you will not be buying a house after all?
Since you don't want the house, why are you buying it in the first place? Why don't you just live under a freeway bridge so that you won't have to work to pay for "housing"?
- wetdawgs
- Contributions:26751
It sounds like you would then have lied on your application and so if you default on the mortgage, mortgage fraud is a very uncomfortable claim.
Will they know? If you have a new job immediately and don't default on the mortgage they probably won't know. If you aren't confident you can get that new job immediately (and that is tough these days), it is better to stick with what you promised initially.
Will they know? If you have a new job immediately and don't default on the mortgage they probably won't know. If you aren't confident you can get that new job immediately (and that is tough these days), it is better to stick with what you promised initially.
can i quit my job a day after closing?
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