We are mid-way through closing on a house, past the inspection and appraisal. We are putting 20% down. My husband found out that his position is being eliminated as part of a department shut down. His last day of employment will be in 6 months and then he will receive an additional 4 months of severance. I am currently a stay at home mom, but previously held leadership positions with a high enough salary to cover our living expenses. . We will both begin job searching immediately as well, knowing the covid makes it harder than usual to find something new.
We still want to purchase the house. We have enough cash savings to live on for at least 3 years with no changes to current budget, probably over 4 years if we reduce some discretionary expenses. This would be used after his 10 months of notice/severance expires, if neither of us has found a new job by then. It does not including our retirement accounts or unemployment benefits.
He will technically still be employed when we close, but I imagine the lender will ask about likelihood of continued employment??? I don’t know how the company will respond to that. And If we are asked, we would need to answer truthfully.
So, is there any way to save this deal? Should we be proactive and notify our lender? If so, what’s the best strategy for doing so?
Submitted July 31, 2020 at 08:57PM by wastemytime2018 https://ift.tt/3ghe6co
