Continue refinance after job loss

[dvfxdwg01]

We just started a refinance and submitted our payment for the apprasial fee and application fee which was nonrefundable. We have an apprasial scheduled. I just lost my job Thursday and I am the only income for my family. I am getting severance. Do I call the bank and let them know and try and get the fees back or let it go and hope that they have already checked employment?

[rusty2832]

You have already made your moves here. No need to worry about the results. Just be positive and hang in there. Your bank will not give you back your fees. Just because you are currently out of a job does not mean that you won't have a job in a few days or before the Bank finds out you have no current job. Hope that they have already checked your employment status and let it sneak by them. This is your best option.

Originally Posted by dvfxdwg01

We just started a refinance and submitted our payment for the apprasial fee and application fee which was nonrefundable. We have an apprasial scheduled. I just lost my job Thursday and I am the only income for my family. I am getting severance. Do I call the bank and let them know and try and get the fees back or let it go and hope that they have already checked employment?

[dvfxdwg01]

That is what I thought but just wanted to get some opinions. I appreciate the comment.

[swanson719]

I would make the bank aware of what's going on. In the long term, if you don't get a job and a few months or a year from now end up in a foreclosure, you could be accused of mortgage fraud. They don't have liar loans anymore, and your income verification isn't current anymore. Therefore, by you knowingly proceeding in acquiring a new mortgage without current documents provided to the refinance company, and then the mortgage company, you are committing mortgage fraud. It's not an issue if you do pay the mortgage each month and do get a new job, etc. But if it comes foreclosure time, I'm sorry for ya because you'll be sued on top of the foreclosure.