Within the last month, we closed on a traditional 30 year fixed mortgage based on W2 income on a property in TX (we actually lived in a different state). A very long story short...we no longer have that W2 income. During the process there were some questions about the possibility that the income might go away so they made us confirm that we would keep our jobs for at least 30 days after closing. I would love to hear the pros and cons (or what you would do) of what I see as our choices (maybe you have other suggestions).
1.) Do nothing. Pay as agreed and hope they don't recheck employment verification. What is the worst case scenario if we do this?
2.) Be upfront-This is what I would like to do but is there even any possibility that they can work with me because there isn't W2 income. Is there a way to communicate this that doesn't jeopardize their ability to sell the loan? We have a very high credit score and significant assets.
3.) Pay off the loan in full before the first payment. We do have the ability to do this but it would tie up all our cash until we could refinance. We were going to use that cash to live on while job searching.
What would you do? What is the best way to fix this situation?
Thanks for any advice!
