Who knew the mortgage bankers were encouraging abortions...get pregnant and plan on taking some time at home...your mortgage is denied!
http://finance.yahoo.com/...
Talk about an overreaction to the mortgage crisis!!! Just imagine going shopping for a house and answering a question on the application honestly that you are taking 12 weeks off from work (as paid leave) to care for a newborn baby and your whole income is disqualified from the application.
I am sure that is just what the regulation about confirming income at time of closing was intending.../snark
So the simplist solution to the problem would be to have an abortion, get the house and try again.
Since the disability payments will not continue for three years, these lenders will not count it as qualifying income, brokers said, and will require the new mother to reapply for the mortgage once she returns to work. (The same logic may apply to an injured employee receiving worker’s compensation.)...That is what happened to Elizabeth Budde, a 33-year-old oncologist who lives in Kenmore, Wash. She nearly lost her mortgage after a loan officer learned she was home with her newborn
Of course the disability payments will not continue...she is going back to work after that period...I mean how stupid is this...
"The reason we were buying the house was because we were having a baby," said Ms. Budde, who is now living in the three-bedroom home, bought for $300,000. "And now we got punished for having a baby."
That is right...being punished for having a baby...the "Save Every Zygote" crowd will be going wild as this will clearly be encouraging people not to procreate and in circumstances where couples find their dream home in a desparate attempt to save their mortgage...they may actually choose to abort the fetus...
Of course there is a silver lining in all this...
"It was eye-opening to me and my clients," said Mr. Varni, who said the broker explained that lenders were skittish about lending to a new parent who might decide to stay home. "We are going to assess our situation and may have to shift our search to something where he could qualify by himself."
Women can go back to being chattel in the marriage and the men can be the real breadwinners like in the good old days