Laid off after closing already scheduled, now what?

[Collin Cameron]

Hi y’all looking for some advice from any friendly loan Officers or other knowledgeable people.

I’m refinancing my primary residence to take advantage of lower interest rates. Everything was going fine, closing date is scheduled for next Monday and #boom I get laid off.

What do I do about it? I have not thus far and will not give any false information to the bank, but since the closing is already scheduled, is it a done deal? Does the paperwork you sign at a closing include reverifying employment?

I didn’t sign anything promising to tell them in the future if I have a change in employment, and I don’t feel obligated to tell my current mortgage company I’m laid off. Is this different?

I can ask my loan Officer, but I don’t want to mess it up if It’s a “don’t ask, don’t tell” situation.

I don’t have any concerns about making payments or bringing money to closing in the meantime.

My plan currently is to go to closing as scheduled and if they have paperwork that explicitly asks if I’m still employed, I’ll have to decline to sign it.

Bad idea?

[Matt Crusinberry]

@Collin Cameron, I agree that you shouldn't be saying anything about your "newly found" position. While I'm a big advocate of integrity, I don't believe you're violating anything here. You pay your bills on time, and you have a history of that; which is why you have the loan. I would carry on and go to the signing. You haven't infringed on anything, and I'm sure your new debt is only going to put you in a better position (assumption). Good luck!