I am buying a home and i was told by my mortgage company and realtor closing would be May 30 2012. When i was informed of this i took a new job starting June 4. USDA loan is running 3 weeks behind and the seller is threatening with a law suit if i change jobs before closing because the loan will fall through if the mortgage company and usda find out about the change. There was an addendum written to extend contract to june 11. sellers have not signed but i have on may 30 (original closing) because i was under the impression they were going to try to sue me for breach of contract. They want to sue me for their moving expenses. i thought all they were entitled to was my earnest money?
you really should consult with a knowledgeable real estate lawyer in south carolina. its not infrequent that purchasers change jobs during the mortgage process and typically when that happens the purchaser must certify that the income from the new job equals or exceeds the income from the previous job. the problem that may arise is that the loan may be contingent on continuation in the job. thus the reason to consult with an attorney. he or she will be able to assist you with the mortgage process and inform you of the best course of action to take.
without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed.
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