"Relocating" Employment Agreement

[flinching]

What is the name of your state? CT moving to FL

Hello, I just typed a long post stating all the details of my question but when I hit submit, it said I wasn't logged on anymore and when I went back, everything I typed was gone!! So, I'm just going to make this quick this time. I have reasons for everything that may look ridiculous, but I'm not going to go into detail.

Basically, I have to be out of my apartment by Apr 1st b/c I didn't renew contract. I want to move down to Florida. I have 2 loan options: a 1st mortgage 80/20 and a 2nd mortgage where I have to put 10% down and pay PMI.

The home is 150k so I'd have to pay 20k down total including the closing costs if I got a 2nd mortgage, saying it is a vacation home and I'm going to live up here with family and not pay rent.

The only reason I'd get the 2nd mortgage rather than the 1st is b/c I don't have a job down there yet. The lender would need an Employment Agreement from my current company stating I'm transferring down there and will make the same income. I of course wouldn't have that. I only have about 30k in savings and I was counting on that money to help float me until I found my job. I should be able to get a job down there in my field with my experience and many licenses. But I'd be really worried if I had to put 20 out of 30k down and then pay extra each month in PMI.

I'm at the point where I'm thinking of getting an Employment Agreement form from one of these legal forms sites and making it out so that my company is stating I'll be working down there at my current income and signing it.

Does anyone know of any other alternatives for me? Is there anything else I could do? Any loop holes I don't know of? I'm worried that I'll move all of my stuff all the way down to Florida and something would go wrong w/ the closing b/c of this form. Is there anything else they'll probably need? Will they try to verify this form by calling my company? I'm willing to lose my retainer/good faith money which will be around 2k, but the moving everything down there for nothing will be horrible. Is there a strong likely hood of this thing falling apart b/c of this form? Thank you for any help!!

[HUD-1]

From the Uniform Residential Loan Application that the lender will have you sign:

"I/We certify that the information provided in this application is true and correct as of the date set forth opposite my/our signature(s) on this application and acknowledge my/our understanding that any intentional or negligent misrepresentation(s) of the information contained in this application may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under provisions of Title 18, United States Code, Section 1001, et seq. and liability for monetary damages to the Lender, its agents, successors and assigns, insurers and any other person who may suffer any loss due to reliance upon any misrepresentation which I/we have made on this application."

Don't lie.

Work with another lender.

[flinching]

Originally Posted by HUD-1

From the Uniform Residential Loan Application that the lender will have you sign:

"I/We certify that the information provided in this application is true and correct as of the date set forth opposite my/our signature(s) on this application and acknowledge my/our understanding that any intentional or negligent misrepresentation(s) of the information contained in this application may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under provisions of Title 18, United States Code, Section 1001, et seq. and liability for monetary damages to the Lender, its agents, successors and assigns, insurers and any other person who may suffer any loss due to reliance upon any misrepresentation which I/we have made on this application."

that's a bunch of sh!t. sounds scary though!! in the real world, i'd lose my good faith money, and could possibly be sued by the seller. although, they'd never get anything for their efforts. and to be quite honest, i don't even know if i'd lose my good faith money since IF the mortgage company found out, they wouldn't give me a mortgage. since i wouldn't get a mortgage, that's a reason to get out of the contract and get my retainer money back. the only way i wouldn't get my retainer money back is if i backed out for other reasons.....but not for the mortgage not going through. the seller would never know the reason i didn't get the mortgage...just that i didn't get it. i'd probably even get the good faith money back.

[Dura necessitas]

If the numbers work, and if your credit is OK, you should be able to get that mortgage providing you will have security for the 3-6 months following closing. Don't make up any docs yourself-or for that matter have anyone else do them for you- It's definitely not a good idea. On the other side-if you dont get approved, consider renting for a few months in FL until you find a decent job. Good luck.

[flinching]

Originally Posted by Dura necessitas

If the numbers work, and if your credit is OK, you should be able to get that mortgage providing you will have security for the 3-6 months following closing. Don't make up any docs yourself-or for that matter have anyone else do them for you- It's definitely not a good idea. On the other side-if you dont get approved, consider renting for a few months in FL until you find a decent job. Good luck.

that's what i was looking for, dura!!! thank you! i didn't know that. i figured that they wouldn't give me a loan b/c i didn't have a job w/ income. maybe they're just trying to rule out that i may be buying a rental property.

i have PLENTY money for security until i find a job. hopefully, that will be enough for them. i don't want to go down there, rent, and then reapply for a mortgage b/c one of the things they like about my application is that i've been at the same company making good money for the last 3 years. if i reapply and tell them i've been w/ my current employer for a couple months......i don't think that bodes well.

i think that i'll tell one lender that i don't have a job lined up yet down there....if that's a problem, i'll go w/ another lender and fabricate the letter. i have to do it. thanks for your help.

[HomeGuru]

Originally Posted by flinching

that's what i was looking for, dura!!! thank you! i didn't know that. i figured that they wouldn't give me a loan b/c i didn't have a job w/ income. maybe they're just trying to rule out that i may be buying a rental property.

i have PLENTY money for security until i find a job. hopefully, that will be enough for them. i don't want to go down there, rent, and then reapply for a mortgage b/c one of the things they like about my application is that i've been at the same company making good money for the last 3 years. if i reapply and tell them i've been w/ my current employer for a couple months......i don't think that bodes well.

i think that i'll tell one lender that i don't have a job lined up yet down there....if that's a problem, i'll go w/ another lender and fabricate the letter. i have to do it. thanks for your help.

**A: hahaha, fabricate the letter. That's a riot. Federal offense; $10,000 fine and/or imprisonment.

[flinching]

Originally Posted by HomeGuru

**A: hahaha, fabricate the letter. That's a riot. Federal offense; $10,000 fine and/or imprisonment.

oh yeah!! struck a nerve, baby. hahaha

[HomeGuru]

Originally Posted by flinching

oh yeah!! struck a nerve, baby. hahaha

**A: a nutcase wacko is following me around on this website.

[flinching]

Originally Posted by HomeGuru

**A: a nutcase wacko is following me around on this website.

uh oh ... cuckoo, cuckoo ^

if anyone is following anyone...it's you following me, lunny man. please continue to take your medication. haha

[Dura necessitas]

i think that i'll tell one lender that i don't have a job lined up yet down there....if that's a problem, i'll go w/ another lender and fabricate the letter. i have to do it. thanks for your help.[/quote]
I am going to pretend you did not write that..

Originally Posted by flinching

...i think that i'll tell one lender that i don't have a job lined up yet down there....if that's a problem, i'll go w/ another lender and fabricate the letter. i have to do it. thanks for your help....

If you were going to lie in the first place, why did you bother to post your question?

[flinching]

Originally Posted by Dura necessitas

i think that i'll tell one lender that i don't have a job lined up yet down there....if that's a problem, i'll go w/ another lender and fabricate the letter. i have to do it. thanks for your help.

I am going to pretend you did not write that..[/quote]

ok, great!! that means the world to me!

[flinching]

Originally Posted by seniorjudge

If you were going to lie in the first place, why did you bother to post your question?

i wasn't going to lie in the first place....after posting here, i've determined that's the only thing i can do if the 1 other alternative doesn't come through.