How AI Legalese Decoder Can Guide You Through Mortgage Options During a Pending Layoff in AZ/WA
- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Unique Financial Situation: Seeking Advice
I am currently facing a unique financial situation and would appreciate some advice on how to proceed.
## Current Financial Position
I have recently listed my condominium in Washington state and anticipate receiving approximately $125k in cash upon the completion of the transaction in July. Additionally, I have around $35k in cash reserves.
## Future Income and Severance
I am facing a 60-day leave of absence before being laid off on 9/12. Following this, I expect to receive an additional $45k-$50k and will also receive 50 weeks of severance pay based on my current annual salary of $75k. In addition to this, I will be eligible for unemployment benefits amounting to $1000 a week.
## Relocating to Arizona
I am in the process of relocating to Arizona and aim to secure a new home before the official end of my employment. Despite the potential perceived risk of being jobless, I am confident in my ability to meet mortgage payments with the cash reserves and income from severance and unemployment benefits. I am optimistic about finding a new job quickly as accountants are typically in high demand.
## Seeking Suggestions and Considerations
I would greatly appreciate any suggestions or insights on factors I need to consider in my current situation. I will have medical, dental, and life insurance coverage through my employer for the next two years.
## Mortgage Application
I am unsure whether it is advisable to disclose my imminent layoff to the mortgage broker. Given my remote work history, I believe it may not raise significant concerns. My plan is to make a substantial down payment of $160k-$200k on a home priced around $300k.
## Conclusion
I am eager to avoid renting for an extended period, as rental costs exceed potential mortgage payments. Your input and guidance on navigating this financial transition would be invaluable.
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AI Legalese Decoder: Simplifying Legal Jargon
Introduction:
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How AI Legalese Decoder can help:
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Conclusion:
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Your lender is going to call your current company to confirm your employment and is likely to find out you’re going to be laid off.
But even beyond that, why would you buy before you have a job lined up? What if the job you end up getting is a really long commute away? If you’re set on moving to Arizona, I’d rent first until you get a job.
Also check to see if you can get unemployment if you move to another state.