Financing in Saint Louis>Question Details

srudd3, Home Buyer in Saint Louis, MO

Seems to me this protects the seller only. What happens if I suddenly loose my job - I would be financially ruined since I would be forced to by?

Asked by srudd3, Saint Louis, MO Wed Nov 20, 2013

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Debra (Debbie) Rose’s answer
Actually, that's not necessarily so.

My buyer did lose his job 2 weeks before the closing..........the mortgage company went to verify employment, and since he had been let go, he lost his mortgage commitment - he couldn't buy the home.

Since the purchase was subject to a mortgage, and through no fault of his own, he lost his job.......the deal was cancelled..... and he got his deposit back.
0 votes Thank Flag Link Wed Nov 20, 2013
You need to sit down with a good mortgage rep to go over your questions. For reference, many people pay for special insurance that covers them if they lose their job
0 votes Thank Flag Link Wed Nov 20, 2013
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