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Victor
Guest
0.10 Dollars($)
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Post subject: Multiple gift letters |
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I was asked to write a gift letter to my cousin and also to my sister, will there be a problem if an escrow company receives multiple gift letters from the same person to different individuals? the same title company is handling both loans.
thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Victor!
Welcome to forums!
You are writing gift letters for two different people. This won't create any problem and I don't think the escrow company has to say anything in this matter.
Feel free to ask if you've further queries.
Sussane |
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tara
Guest
0.10 Dollars($)
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Post subject: gift letter |
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| can a gift letter be from a non-family member. My son's father, needs a gift of 2,000. My mom gifted him the money. My son's father and I were never married, but have maintained a close relationship (17 years). He and my mother are very close and she considers him part of the family. Please give me your expert advice...Thanks so much |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Post subject: |
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Hi tara,
Normally gift letters from non-family members are not taken into consideration by the lenders. However, funds from a non-family third party can be considered by the lender if the person can provide documentation of a very close and long lasting relationship. This is done primarily to prevent people from taking out personal loans which may increase the person’s debt to income ratio.
Thanks |
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help
Guest
0.10 Dollars($)
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Post subject: gift for mortgage |
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| If i gift money for a mortgage without being on it can i then make a deed of trust to protect my gift |
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bacmeth
Guest
0.10 Dollars($)
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Post subject: gift letter |
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I have a family member to help me
with a down payment of $70000
but they dont want to right a gift letter,
Thier account said not to |
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Guest
0.10 Dollars($)
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Post subject: |
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Hi Guest,
If it's a gifted money, then I don't think you will be able to make a deed of trust to protect the gift. Nevertheless, to be on the safer side, it will be better if you could contact a real estate attorney and take his opinion in this matter.
Welcome bacmeth,
Unless you receive a gift letter and show the same to the lender, the lender won't accept that money as your down payment. It may be considered as another loan on your property. In such a situation, the lender may not consider giving you a loan.
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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It was me above!! Just forgot to login. 
_________________
Procrastination is the enemy of your financial success |
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