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Reply to "Ethical obligation: should company verify employment for mortgage if employee will be laid off in near future?"
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[quote=Anonymous]I know everyone doesn’t do this, but to me this should be factored into the calculations of whether you can truly afford a home. If after down payment, moving expenses, etc, you have no cash— then you can’t afford it. That’s what a 3-6 month emergency fund (and in this economy and depending on if there is another earner in the house, perhaps 9 months ‘) is for: so you can weather things like job losses. You don’t know the employees finances. The bank is actually going to have a better picture than the employer and they are looking at other assets not just employment. I say you verify based on present information. [/quote]
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