Hello, I live in Phoenix, AZ. Recently I applied for a home equity loan with my credit union. When they called to verify my employment, my place of employment told them that I no longer worked there.

At the time, I was contemplating switching employers, but had made no move to do so. I called my Credit Union, and my place of employment. The Credit Union called them back and they told them that I did work there but they did not know if I was going to be working there in the future. Is it legal for them to offer an opinion like this? I was refused on my loan. I did switch employers over 2 months after this happened, and now I am on a 1099 and don't have the history to apply for a loan yet. The Credit Union told me that they were not sure that I would be employed after talking to my employer and this is why they could not currently give me the loan. Any advice?

Ken

You should talk to a mortgage broker they have many more options then your credit union and will work harder to get the job done. Let me know if I can be of service

Are you in the same line of work? If so, you could easily do a stated income loan, or, depending on your credit, a No Doc Loan where any employment would not even be verified. HELOC's are traditionally harder to qualify for, but a broker would be better able to obtain a loan (Brokers utilize multiple banks, so the guidelines are a lot more flexible. I'd be happy to refer you to a local mortgage broker in Phoenix.

when i closed on my current home.... my wife had power of attorney over me to sign loan docs because i was at a sales meeting in my NEW JOB!!

now, i went to another company doing exactly what i was doing before, so the bank had no issue.

glad i was upfront about it now.

when i knew i was going to be making a move, the loan officer told me to write a letter of explanation to the reason why and it was never an issue