Suppose that you are putting together a loan application to purchase a home. Based on your income and assets, you qualify for a mortgage loan, but just barely. How would you address each of the following situations in reporting your financial position for the loan application? In your post address each of these different situations and IF and HOW you should disclose them to your mortgage lender:
a) The company at which you work isn't doing very well, and it has recently laid off employees. You are still employed, but it is possible that you may lose your job in the next few months.