I know this feels unfair and is a tough blow to you, but as the others have said, you will not be able to hide your unemployment from your bank. They will re-verify employment before closing.
Also just a bit of advice, you should want to back out of this transaction. With $400 less per month coming in, you do not want to take on the responsibility of home ownership. Home ownership costs more than just the monthly rent. There's utilities, maintenance and improvements that you'll want and need but won't be able to do. It'll be very frustrating and possibly overwhelming.
Come clean now so that you can move on with your life and the seller can get their property re-listed. You may be able to save yourself the fees associated with the appraisal, title search, etc. if you get out now. You will be able to buy again when the time is right. Keep looking for employment -if you get a new job quickly, making the same or more money, you may still be able to buy this year and qualify for that tax credit. Best Wishes to you and your family.
Kim Thomas http://www.KimThomasHomes.com
I did finally make settlement on September 11th and I am in the process of moving my belongings into my new home. This one, by the way, is 10X better than the other one.
You can do this!! Remember....everything happens for a reason. I truly believe that.
Now get working on that job.
I worked my a** off to find employment. Sure it would have been great to enjoy UE benefits for the summer but I really wanted the home. So I let the lender know. She informed me that the loan would be fine if I secured employment. So I spent day in and out (like it was a job) searching. It took me two weeks to find a job doing the exact thing, making the exact amount of money in the same exact industry.
Well, I am enjoying my new job now for about 2 months now. Unfortunately, a week before settlement of the home the title came back with a tax lien on the property that wouldn't be lifted till Dec 4th which made it impossible to claim the 8,000 tax credit. I weighed everything out and walked.
Now I have a different property I am under contract with.
It paid off to obtain employment. My dad says...."As long as your passing go....and collect $200" your good to go.
Hoping that this deal doesn't fizzel.
It is best to be honest and direct whatever the circumstances - job loss, loss of child support. Eventually, it will catch up with you and even worse, should you not find a job currently, then you may even ruin your credit and in the long rung it will take longer to get it straightened out and take longer to buy your new home. Your realtor and lender will guide you through the guidelines of timing, so, in the event you do get a job before the drop dead date, then you probably will be able to proceed. If not, then when you are in a better position, you can move forward again with another home.
I think it's clear that you need to tell the lender. Let me emphasize what Bob said below- not mentioning it can be construed as mortgage fraud. You don't want that headache. Find a new job and then buy a house, even if it takes an extra month or two.
E Mortgage Management
800.793.9633 ext. 156
You can make it through this, but do so with a clear plan of action.
If the chances of you finding a new job before you close are good then you may want to continue on with your silence, but if not you should speak with your lender and the realtor to discuss your options
You may or may not have an option. You should disclose to your lender - otherwise it could be construed as loan fraud. Your lender may withdraw the loan commitment if you're now unemployed.
If the lender does not withdraw the loan commitment, then it's your choice whether to move forward or back off.
Best of luck!