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Jackie
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0.10 Dollars($)
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| The total amount for the certified check was 7k. It was compiled of 3k he had in his account and 4k cash, that he brought from home to the bank in order to request the certified check for 7k. My question is how can we can we show a papertrail for his 4k he had at home, because all hhe had in the account was the 3k. Thank you for all help. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi Jackie,
I hope the donor of the gift had deposited the 4k in his bank account first and then had a check issued from the bank authority. Thus, there must be a document stating the deposition of the amount. Thus, while he withdraws the money in the form of a check, it will be considered as a proof.
_________________
Procrastination is the enemy of your financial success |
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Kristen
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0.10 Dollars($)
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| I got engaged, wrote a $5K personal check to Remax and $25K personal check to fiance with a gift letter for the down payment on the house. He told me that he was told by his atty that my name would go on the deed of the house after we were married (which is false - could have gone on before marriage) My name was not on deed or loan. Closed on the house and broke the engagement soon after, I moved out and he then sold the house and denies we were ever engaged. The engagement ring turned out to be a CZ and worthless. I am convinced this was a planned and fraudulant act on his part which netted him $30K of my money. Do I have any recourse |
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Kristen
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0.10 Dollars($)
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| I got engaged, wrote a $5K personal check to Remax and $25K personal check to fiance with a gift letter for the down payment on the house. He told me that he was told by his atty that my name would go on the deed of the house after we were married (which is false - could have gone on before marriage) My name was not on deed or loan. Closed on the house and broke the engagement soon after, I moved out and he then sold the house and denies we were ever engaged. The engagement ring turned out to be a CZ and worthless. I am convinced this was a planned and fraudulant act on his part which netted him $30K of my money. Do I have any recourse |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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if you think it's fraud, you need a good lawyer to tell you his/her opinion. and, if his lawyer was in cahoots with him in a fraud, you'll want to make sure your lawyer isn't that one's buddy.
you erred in moving out and not staking a claim on your $30K, but if you have a case, then i guess you'll be made whole or close to it eventually.
since you think his lawyer was, at best, incorrect, you may want to ring up your state's attorney general's office.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Kristen
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0.10 Dollars($)
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Post subject: George |
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| already started the process..mediation coming up but I dont anticipate he will agree to pay. I made several errors: Should have gotten a promisary note - but we were to be getting married. I had assumed that he lied to me about asking his atty, but maybe not...I think my atty should probably depose the closing atty. My fiance did NOT want me at the closing...wasn't a red flag at the time, but looking back I wish I was there. I have a good case, but the gift letter may really screw me. People (ususally family members) loan money and write gift letters because it's req by the lender...I thik this is general knowledge, but don't know how that will play out in court |
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Kristen
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0.10 Dollars($)
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Post subject: George |
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| already started the process..mediation coming up but I dont anticipate he will agree to pay. I made several errors: Should have gotten a promisary note - but we were to be getting married. I had assumed that he lied to me about asking his atty about when I can be added to the deed, but maybe not...I think my atty should probably depose the closing atty. My fiance did NOT want me at the closing...wasn't a red flag at the time, but looking back I wish I was there. I have a good case, but the gift letter may really screw me. People (ususally family members) loan money and write gift letters because it's req by the lender...I thik this is general knowledge, but don't know how that will play out in court |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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it's hard to say if most family gifts are actually loans or not. i advise potential borrowers that they may use gift funds for downpayment, and that we have to verify the terms, etc. of said gift if they get one. i have seen unsophisticated donors write a note saying that they will get paid back at some point, and i remind them that a loan is not a gift.
but lenders have their own gift letter format, and that's what most people are going to end up signing.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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and i hope, for your sake, kristen, that your lawyer is good.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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cdfogle
Guest
0.10 Dollars($)
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Post subject: Gift |
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| We are buying a house and getting a gift from my in-laws. They do not want to show their bank statements. And I understand, is it not a violation of the donors privacy to ask them to provide a bank statement because they gave us money? We are trying everything to verify these funds without a statement, but it is impossible. Any suggestions |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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when guidelines are established, they're ironclad. you said it was impossible, i didn't, and yet you think you have a way out somewhere. i recognize that people feel it's an invasion of privacy to have to prove that they have the money to give to you, but you have to recognize that there's been so much fraud over the years, so many dishonest folk working in and around the industry, that lenders have pulled out all the stops to verify everything that's verifiable.
if your folks don't want to provide the statement, that's fine; but you won't accomplish your goal of obtaining the gift from them, because your loan won't happen without it.
try and persuade them to understand the pressures that the lenders feel - to do business with upstanding citizens and the need for verification of every little detail.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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SINKOVEC@NETSCAP
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0.10 Dollars($)
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Post subject: GIFT LETTER |
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| I'M A REAL ESTATE BROKER AND I'VE WRITTEN AN OFFER ON A HOUSE FOR MY DAUGHTER. I WANT TO GIVE HER ALL OF MY COMMISSION IN THE FORM OF A GIFT LETTER. HOW DO I DO THAT? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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wouldn't you think that NAR would have a Q&A for that kind of scenario? i think that's pretty deep, and, never having seen it happen before, i have a feeling lenders might be nervous about it. perhaps if NAR isn't up on the topic, you may want to check in with an attorney for some further clarification.
and i have to say i don't know what a lawyer would bring to the table.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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john57
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0.10 Dollars($)
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Post subject: gift letter |
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| Hi George I have quick question, my mother in law is a little worried on doing the gift letter process, she lives Mexico and has a usa visa, she doesn't want to do gift letter because she is afraid that immigration will think she's is sending the money to me so she can stay and live in America, which isn't the case, I highly doubt it. What should I tell her? So she can accept doing the gift letter? |
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Jeff Ragan
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Post subject: Mortgage Gift Letter |
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| Thanks for the great article on this subject. This is well covered and important for people to know and understand. |
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