I lost my job three days before closing, what should I do now?

I'm sorry. That's a gut punch with a moving truck already booked. Take a breath. It's not automatically dead, but you need to move fast and stay honest. First priority: reach your loan officer today. Call again, email, and ask your agent to call too. Don't wait for Friday. Most lenders re-verify employment right before closing, so they're going to find out. You want them hearing it from you, not discovering it. The question they'll answer is whether your wife's income alone qualifies for this loan. Sometimes it does, sometimes with more money down or paying off a small debt, sometimes not. Only the lender can tell you. Don't try to close without telling them. That's a much bigger problem than a delayed closing. Second: call your landlord now and ask if you can stay month-to-month or push your move-out. Even a few weeks of breathing room changes everything. Third: talk to your agent about the contract. Depending on your financing contingency and deadlines, you may be able to ask the seller for an extension while the lender re-works the file. I'm licensed in Virginia, and contracts differ by state, so your North Carolina agent or a local real estate attorney needs to look at your deadlines and earnest money terms. Fourth: if you get a job offer quickly, tell the lender right away. Some lenders can work with a signed offer letter, but every loan program treats that differently. Priorities in order: lender, landlord, contract. Then the truck.

Dalton, call the lender's main line today and tell them about the layoff before they find out another way, because the deal is only salvageable if the lender hears it from you first. I am sorry, that is a brutal week. Lenders re-verify employment right before closing (Fannie Mae guidelines allow a verbal verification of employment within roughly 10 business days of the note date), so the layoff will surface. Staying quiet is also not an option, since misstating your employment on a loan file is a federal problem. Disclosing it is both the honest and the practical move. Once they know, the question becomes whether your wife's income alone can carry the loan. Ask the loan officer to re-run the debt to income ratio on her income only, and ask whether severance or a signed offer letter from a new employer can be considered (some programs will look at a signed offer with a start date, others will not). If the numbers fall short, a co-signer or a smaller loan amount sometimes closes the gap. Three things I would do in parallel: loop in your buyer's agent so they can request a written closing extension from the seller, read your loan contingency and earnest money terms before anyone walks away, and do not move out of the rental yet. Ask your landlord now whether you can stay a few extra weeks, because that is easier to arrange before the move-out date than after. I am a real estate professional, not a lender or an attorney, so your loan officer and agent have the final say on what your file allows. If you end up needing a fresh start with a South Bay or Palos Verdes home search, I am glad to help, and my name is Zoltan Peresztegi. Zoltan

The first priority is getting someone at the lender to review the change in income. If your loan officer isn't returning the call, try the main office or a manager. Put the layoff in writing and ask whether the loan can still work with your wife's income and the finances you have available. The lender needs that information even if you're hoping to find another job quickly. Your agent and closing attorney also need to know now. They can check the contract deadlines, where your deposit stands and whether an extension needs to be requested. An employment change doesn't automatically cancel the contract or protect your money. I'd also call the landlord and moving company before more expenses become locked in. Find out whether you can stay longer and what changing the move would cost. There may still be a way forward, but don't make plans around the original closing date until the lender and closing team confirm it.

Dalton, first, I'm sorry to hear about your layoff, especially three days before closing. I can only imagine how stressful this must be for you and your wife, particularly with your rental notice already given and movers scheduled. The good news is that your deal isn't necessarily dead, but you need to act immediately. Here's what I would prioritize: 1. Call your lender today. Don't wait for a returned voicemail. Call the loan officer, loan processor, or branch manager. Be completely transparent about the layoff. Because your loan was approved using both incomes, the lender will need to reassess your qualification. 2. Ask whether your wife's income alone can qualify. Depending on her income, your debts, credit, and available assets, there may still be a path forward. Ask about alternative loan structures, but don't assume your severance will count as qualifying income. 3. Contact your agent immediately. Have your agent communicate with the seller about a possible closing extension while the lender evaluates your options. An extension isn't guaranteed, but it's worth requesting. 4. Review your purchase agreement with your closing attorney. North Carolina's standard purchase contract generally doesn't include an automatic financing contingency. If your due diligence period has expired, your earnest money could be at risk if you cannot close. You need to understand your contractual obligations before you decide. 5. Address your housing situation now. Contact your landlord about extending your rental agreement, even short-term. Also, ask the moving company about rescheduling. Having somewhere to live should this closing be delayed is just as important as saving the transaction. One more thing: please don't attempt to close without disclosing the employment change. Lenders verify employment close to closing, and withholding this information could create serious problems. Dalton, I wouldn't give up on the house just yet. I've learned in real estate that unexpected situations don't always mean a transaction is over. Sometimes they mean we need to reevaluate, communicate, and find another solution. I would focus on two things: getting a definitive answer from your lender and protecting yourself contractually. One question I'd ask: Has your due diligence period already expired? In North Carolina, that answer could make a significant difference in determining your next steps. Wishing you and your wife the very best as you work through this unexpected situation. Brenda Ashby | REALTOR® | JohnHart Real Estate | DRE License # 01700249

You will need to inform the mortgage company otherwise this is mortgage fraud. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

I'm sorry, Dalton. That's a brutal week. The deal isn't necessarily dead, but don't wait on the loan officer's callback. Call the lender's main line today and tell them what happened. Lenders usually verify employment again right before closing, and you want them working on a fix instead of finding out at the last minute. The real question for them is whether your wife's income alone can carry the loan, maybe with a bigger down payment or a co-borrower. Then call your agent. They can ask the seller's side about a short extension, and they'll know how your contract treats a financing problem and your earnest money. If that part feels murky, a local real estate attorney can review it with you quickly. After that, ask your landlord about staying an extra month. It's a cheap safety net. I'm a California-licensed agent, so your Wilmington agent and attorney should have the final word on the contract. Alla Novytska, Realtor®, JohnHart Real Estate, DRE #02254775