Hi,If I know that I will be laid off from my job, but I sign my home loan documents since I am still employed and just wait for the lender to verify my employment, can I be held liable for not disclosing that I knew that I would be laid off?
Dear JACUSTOMER - So long as you were employed at the time you signed the documents and there was no question asking if you knew that you would be laid off then you answered truthfully and you would not be in trouble for non disclosure of some future possibility. No one can be certain of the future so the fact that you thought you might be laid off would not be a certainty until the event occurred. Obviously you may not get the Loan if it is discovered that your employment is not secure but that doesn't mean you will be in any trouble for falsifying the documents.
And if I am laid off after the documents have been signed--but before the final closing--am I responsible to notify them that we've signed the docs but now my situation has changed, or once the docs are signed, do I not need to notify the lender of employment changes?
Unless the documents say you are to notify them of any changes in employment then I see no need to do anything. Obviously I haven't read the documents you signed so I can only tell you in general that if you answered the questions truthfully and there is no requirement to update the lender as to any changes in employment then you have no duty to do so.
25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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