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can i quit my job a day after closing?

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We are buying a house about 2 hours from where we presently live. I told our lender that I would not quit my present job until I had one in the new neighborhood, but this will mean a long commute everyday, which I will do if need be. What would happen if I quit my job 2 or 3 days after closing? Would we lose the house?

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July 01 - US

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Connie Wildasinn, "pwildcon"
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Connie Wildasinn, "pwildcon"

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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...

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nvchaz
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Once the deed is recorded, employment considerations vanish, (excluding, of course, your ability to pay the mortgage.)

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loansbytracy
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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!

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July 02

Pasadenan
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If there is no "job", where does the money come from to pay the monthly mortgage payments? Friends? Parents? Other Relatives? Handouts from "will work for food" signs at the freeway off-ramps? Sale of "products" grown in the back yard? The 15 boarders you take in?...

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You will not lose your house if you keep pay your mortgage monthly.

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July 01

wetdawgs
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If one voluntarily resigns one's job, the individual is not qualified for unemployment.

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Pasadenan
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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"?

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wetdawgs
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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.

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July 01

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