Tuesday, August 9, 2011

Mortgage Cancelled - Changed Jobs?

I have been with my current employer over 3.5 years. Recently, I signed a contract on a condo and applied for a mortgage. The mortgage was supposed to close more than a week ago. Due to an inefficient processor, the close was delayed and is scheduled for this Friday. The problem is I start a new job on Monday. The lender/ processor called to verify my employment today and instead of HR simply saying yes she works here they told the lender of my impending resignation. So what I though was a mortgage that was CTC has been reopened. Underwriting is saying that they require 30 days of salary for a new job. I provided them with a copy of my offer letter. My issue is my salary is stable, Im just changing employers. Nevertheless, 30 days means Im screwed and have lost the house. No real question, just venting. Has anyone gone through anything similar and figured out a way to still close as scheduled.

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