Real Estate

Progress Draw Mortgages & Losing Job

  • Last Updated:
  • Mar 17th, 2021 2:03 am
[OP]
Deal Addict
Dec 6, 2008
1374 posts
472 upvotes

Progress Draw Mortgages & Losing Job

If you enter a contract with a builder to fund construction via progress draw mortgage and you lose your job before closing. Would everything be fine so long as you commit to make payments. Or, like a traditional mortgage can the bank possibly withdraw its committment and the builder can end up coming after you.
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