How does a Severance pay stub, issued by this company, look like? I’m asking in case I’ll need to provide proof of income and an issue might arise if it’ll indicate that I’ve been laid off.
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About 2 years ago, when we were applying for a mortgage, our lender required me to supply proof that Wells was okay with my working remotely and in a new city (since we were relocating). Apparently a lot of remote employees relocated without permission during COVID (nationwide, across industries), and when companies began requiring RTO lenders frequently found themselves in a pickle.
If you're buying a house, it wouldn't surprise me if they deny based on income if your paystub reads "Salary Continuation".
Bigger question, should you be making major purchases while unemployed.
Looks normal but reads "Salary Continuation" instead of "Regular Pay - Salary".
The bank, Wells Fargo, we acquired a loan from didn't think anything about it -- and that was during Severance -- after the 60 days notice.
If you mean you are buying a house- yes, it will be an issue. The VOE obtained by the lender (done right before closing) will also show you are not actively working.
It will specify that it's "salary continuation" pay (or at least used to, unless that has changed very recently). Depends on how closely someone were to look. I imagine if it's for financing or anything like that, the question would come up about what that meant.