- This topic has 4 replies, 3 voices, and was last updated 8 years, 12 months ago by Anonymous.
- May 5, 2011 at 5:16 pm #205629AnonymousInactive
bad credit? My last few decent full time jobs have had to lay me off due to the economy and I admit I was foolish and irresponsible with credit cards before but now I’m paying to ultimate price, I can’t land a good job.
- May 8, 2011 at 6:30 am #266417scherpincrallitipMember
You just have to take ANY job that comes your way. By having bad credit, you might not be a position that entitles you to a “good” job. Get a paying job, fix your credit, THEN worry about having a great job. It is a steep price to pay for being financially irresponsible I agree, but I would bet that you NEVER do it again!!!! Right??
- June 7, 2011 at 10:07 am #432053AnonymousInactive
Mortgage lenders have to source any and all “large deposits” in your account. This is part of the underwriting process. The bonds may have been intended for you, but were in your mothers name
Supply your underwriter with your mother’s statement showing the cashing of the bonds (most likely will have a bank transaction comment saying: BOND REDEMPTION) and her transferring the money to you. You will probably have to sign a gift letter stating that the 4k was given to you with no intent to pay it back, towards the closing and down payment of the home. You may be able to write a letter, hand signed, stating that the bonds were redeemed by your mother for you as they were purchased by your grand mother.
Good luck on your home purchase!
- June 7, 2011 at 10:56 am #432054AnonymousInactive
All your lender has to do is send a gift letter to your mother to fill out. Since your name was not on the bonds they will look at it as a gift. Just saying they were intended for you is not enough. She can provide them paperwork showing she transferred the money to you. Not a big deal at all if your lender knows what they are doing.
I can’t believe you weren’t warned about large deposits. Every lender should make that clear.
It is such a huge deal because of fraud. They want to know you didn’t take out a loan to get the money & now you have another debt that may make you ineligible for the mortgage.
- June 7, 2011 at 11:19 am #432055AnonymousInactive
The two previous answers are both correct. The lenders want to do the loan but everything must be doccumented and clarified completely. They should have discussed your assets and how you planned to pay your down payment and closing costs and then they could’ve told you exactly how to handle the transaction. Then it would not have been a big deal but since it is coming up during the underwriting it appears as a problem but it’s not, this is standard procedure. They just should’ve explained this to you upfront.
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