I'm just full of questions today. Our mortgage person got our loan back from the underwriter today and it was almost completely clean. The only thing they want (for now, I'm assuming more could come later) is a letter explaining my gap in employment from Sep. 2010 to Jan. 2011.
There are two letters I could write. The first is simple and goes something like this:
"I resigned from my job in NYC in Sep to move to Princeton to live with H. I worked at temporary positions until Jan 1, when began my current job. If you have questions about the stability employment, feel free to contact supervisor at phone number."
The second letter is more detailed/gory:
"When I moved to Princeton from NYC to live with H, I began looking for a job closer to the area. I found one at (organization) and resigned from my position in NYC and began work there the following Monday. One week into the position I realized that it was not what had been described to be and there were serious management issues. I remained at the job but began looking for another because I was uncertain about the state of the organization. I was laid off from that organization in late October 2010. They day I was laid off I received a call from current employer and began work there on Jan 1. If you have questions about the stability employment, feel free to contact supervisor at phone number."
I'm loved at my current job and have lots of security there. Technically, both letters are true but the second one is definitely more indicative of the full picture. I don't want them to think that I would just flippantly leave a job in this economy, but I'm not sure if it looks worse that I was let go.
Anyone care to weigh in here?
Re: Explanation of gap in employment
Having had a career in lending before becoming a SAHM, I'd go with the more detailed option. Banks like full pictures of facts. Lenders are fact/info people. Underwriters are even more that way.
I would list the various positions with their dates. Next to each line item I would write your description of what occured. Just keep it fact-based. Including the full name of the employer and phone number is good too. Keep your emotions out of it.
Re: the lay-off, you can highlight the "state of the organization' point. It's not due to poor performance or negligence on your part, so it shouldn't be a problem.
My mortgage person had me just scribble out a quick letter right while we were working through the paperwork. I think mine just said "My husband accepted a job in <current state>, so I resigned from my job in <Previous state> to move with him. Once here, I searched for a job but it took seven months until I found employment with <current company>."
I spoke to our mortgage broker and he said to go with the short version as well. Apparently it was just a formality.
Thanks everyone!
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