Refi question

[Aharami]

Recently I started a streamline refinance with my bank. Both wife and I were employed when we started the refi process. 2.5 months down the line, my wife is no longer employed and I just got an email from the processor asking for my wife's employment phone #. They need to do a verbal confirmation of my wife's employment before setting up closing. With my wife losing her job, our income has essentially been cut in half. Will my refi be cancelled if I am honest and tell them that my wife is no longer employed?
How do I get around this?

Thanks

 

[SunnyD]

Will my refi be cancelled if I am honest and tell them that my wife is no longer employed?

Only your bank will be able to tell you.

How do I get around this?

/facepalm

 

[D1gger]

Yeah, be fraudulent on with your bank and see how that works out. Tell the truth and see were it leads.

 

[Capt Caveman]

You don't get around it. Part of the process is verifying employment.

 

[Aharami]

Only your bank will be able to tell you.

/facepalm

if your household income was cut in half, you too would be looking any way possible to save money. Wife's unemployment checks alone can float the mortgage, so it's not an issue of us being able to make the monthly payments. Dont see how that is not a valid question.

 

[SunnyD]

if your household income was cut in half, you too would be looking any way possible to save money. Wife's unemployment checks alone can float the mortgage, so it's not an issue of us being able to make the monthly payments. Dont see how that is not a valid question.

While unemployment is a source of income, it is guaranteed to be only a TEMPORARY source of income at best. If your debt-to-income ratios have been affected to the point where the bank wouldn't approve the loan without her previous income at all, I could hardly think they would be willing to approve it considering unemployment as income unless the refi loan wasn't going to last for more than a year.

I understand your situation sucks and it's probably taking a mental toll on you, but seriously you've got to use some common sense. I'm not trying to be sarcastic or unsympathetic here, but your ONLY option is to discuss this with your bank/lender.