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anna rachael
Guest
0.10 Dollars($)
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Post subject: |
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Hey,
My boyfriend's lender is asking for a gift letter from me for funds that I have in my savings account. We had tried applying for a co-signer loan, but since I have no established credit history, he is only able to get a loan for himself. Is there anyway of ensuring that my portion of gift money is tied to my name? He promises to pay me back and I fully trust him, but I am more concerned about him getting introuble for fraud and jeoprdizing the mortgage on the home. What actions can the lender take if someone is caught repaying a gifted loan?...
Thanks! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi anna,
If it is a gift money, then he won't be liable for paying it back. If you want to secure the money, you can ask him to include your name to the property deed. Thus, you would become one of the owners of the property. In future, if the property is sold off, then you would get your share of the money.
Thanks |
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misuarez1
Guest
0.10 Dollars($)
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Post subject: Gift letter money used for more than one purpose |
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| I am buying a home and my father is gifting me $25k. I wanted to pay back a $14k, 401k loan and then take out a total of $22 from my 401k. Is that a smart thing to do? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome misuarez,
You can take out a loan from your 401k account. However, if you default on a 401k loan and haven't reached the age of 59 1/2, the IRS will treat the loan as an early distribution which would be subject to income taxes as well as an additional 10% early withdrawal penalty.
_________________
Procrastination is the enemy of your financial success |
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nena
Guest
0.10 Dollars($)
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Post subject: Short sale |
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| How to write a letter to mention that I don't have any relationship with the seller |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Post subject: |
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Hi nena,
An attorney can guide you in writing the letter which states that you don't have any relationship with the seller.
Thanks |
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nova scotia
Guest
0.10 Dollars($)
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Post subject: mortgage gift letter |
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| If someone has written a cheque for the deposit on a condo, why would the mortgage lender (bank) ask for a gift letter? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Post subject: |
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Hi nova,
The lender shouldn't ask for a a gift letter if you've given a check for the deposit on a condo unless you received the money as a gift from someone else. You should contact your lender and ask to clarify as to why he needs the gift letter.
Thanks |
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Buyer
Guest
0.10 Dollars($)
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Post subject: Cash sale gift letter. |
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Would I need a gift letter if I want to purchase a home for cash and my father is gifting me the money?
Would that be proof of funds as asked for in a contract to purchase? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Hi Buyer,
You're not taking out a loan but purchasing the property for cash. In that case, you won't need a gift letter.
Thanks,
Jerry |
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anonymous1
Guest
0.10 Dollars($)
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Post subject: relations to the donor |
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| what kind of relations do u have to be to the donor. brother, sister, mom, dad etc |
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Guest
0.10 Dollars($)
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Post subject: |
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| You should have blood relations with the donor in order to gift money to the said person. |
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johnboy
Guest
0.10 Dollars($)
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Post subject: gift money |
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| people dont wont to sign the paper work because it say that no re-payment has to be made-and they want there money back if they give a loan |
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anonymous2
Guest
0.10 Dollars($)
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Post subject: |
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| my mother recently passed away and three years ago she gifted me 44,000 as a down payment for a home for my disabled son. now my brother wants half of it because he believes it should be part of his inheritance. do i need to give him half even if she wrote a gift letter to the bank?? |
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anonymous BOB
Guest
0.10 Dollars($)
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Post subject: MORTAGE GIFT LETTER |
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| MY MOTHER WROTE MY FIANCE AT THE TIME A MORTGAGE GIFT LETTER IN THE AMOUNT OF $10,000 FOR THE DOWN PAYMENT OF OUR HOME. NOW ALMOST 5 YEARS LATER SHE SAYS SHE EXPECTS US TO PAY IT BACK WHT SHOULD I DO? |
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