Do I Need To Tell Bank That I Lost My Job?

Video Transcription:

Do I need to tell bank that I lost my job? Yes you do. When you agreed to purchase the house, they verified the job, they verified the income, they verified everything. Based on the amount that you wanted to purchase this house for and based on the amount they wish to lend you. They put their money on the line thinking that you can because all the documents stated that you could. So if you lost your job and you did not get another job, that bank needs to know about this. If you lost your job and you got another job that's better paying, they still need to know. If you lost your job and you're getting a job that is paying less than what you had before, they still need to be notified.

I am always for keeping an open line of communication when it comes to a mortgage servicer. They need to know what's going on with the property that they have actually stood security for when they purchased that property or gave you the money to buy the property. Yes, they own the property until you completely pay for it and you're living in it, that's the stipulation. They lend you the money, you live in it, you pay for it monthly until you have completed your payments this property will be yours free and clear. Until then, whatever changes happens, make sure you contact the mortgage servicer and let them know;

Listen, this is what's going on.

What is it that I need to do?

What are the steps that I need to take?

How can I remedy the situation if there is a situation to be remedied.

If you're not quite sure on how to contact them, are afraid, contact a realtor. Call RHED Reichman Realty and we will help you get through this process.