Home Selling in Detroit>Question Details

Midger, Home Buyer in Detroit, MI

Trying to buy a house. I got a preaproval, and made an offer on a shortsale that was already approved.The bank wanted $2000 more. I agreed.

Asked by Midger, Detroit, MI Tue May 29, 2012

Now I have received a commitment letter for the original amount from my lender. But I am 8.5 months pregnant and they want to induce me a week before the closing. What can I do? If I hold off on the birth I can endanger my child, but if I give birth, the bank can deny my loan because then I will be on maternaty leave? We are talking about a weeks difference here. I need some advice quick!

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Answers

4
I would speed the closing up and close before the maternity leave engages. I am assuming that somehow your income will be lower on maternity leave and threatens your debt ratio for the loan.

If your income will remain the same on maternity leave, then postponing the closing or granting power of attorney to your agent or trusted friend should work equally well.

Best wishes, I wish you a healthy, happy baby!
Jim
0 votes Thank Flag Link Wed Jun 13, 2012
I am pretty sure the Family Medical leave act protects you from this worry.
You'll want to do some research online, but I don't believe your work can terminate you from employment for giving birth.

If anything, your work will verify employment when the VOE is called in, and advise you're on maternity leave.
I do know that I've had this happen with clients before who were trying to get a loan and the underwriter wanted clarity on lost income.
My client had to write a letter of explanation and provide the birth certificate of the newborn to pass that on the checklist.

Good luck!
0 votes Thank Flag Link Wed May 30, 2012
Thank you, But my worry is not my work terminating me, it is that I might not be able to make it to the closing. And my agent advised me to keep working till I have the keys in my hand as I can be denied for the loan as my maternity leave pay is only 60% of my current pay. But if I am induced I have no choice. When do they call in the VOE? My boss will hold off on putting me on maternity leave if you think this might help me? Thank you
Flag Wed May 30, 2012
You should be able to sign power of attorney over to a person you trust that can sign the documents for you at closing. Congratulations on the new addition to your family and good luck on the home purchase. Your agent should be able to work it out for you.

Best Regards,

Joe Bertera
248.521.6443
0 votes Thank Flag Link Tue May 29, 2012
Hello congrats on the new addition coming soon if the deal cant be extended for one more week till after the birth, if you have a agent you can always provide them with authorization to negotiate and or sign for you on your behalf. I hope this bit of information helped. Good luck. Contact me if you need any further assistance.
Feliece Miller
Ai realty
313 848 6377
0 votes Thank Flag Link Tue May 29, 2012
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