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Real Estate


Tom Kelly
Tom Kelly
The Real Estate Adviser
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July 17, 2003

Will loan data stand up after the deal closes?

By TOM KELLY
The Real Estate Advisor

Just how long is the information stated on your home-loan application valid? If you lose your job after your loan closes, can the lender demand payment in full?

Those questions, and others like them, were raised recently by a “sixtysomething” couple whose lender demanded that a "reverification form" be signed at closing. They were especially concerned because the man was planning early retirement in the next 18 months and was worried his new revenue streams, although significant, would curtail his chances of refinancing his present loan.


 
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