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A cashier's check does not permit conclusive transfer of funds, it does not show the source of the check. A bank statement would be that proof. If you had the funds outside of the Trust funds, this would all be unnecessary. If your lender were to ignore the Trust funds, how much could you show down?
You probably should have waited until the funds were seasoned (in your account for 60 days) since you need the Trust's cooperation and there is little possibility of that happening. But there are some ways around your situation. Does your husband have any correspondence on law firm letterhead spelling out the payout he received?
I find it odd you are okay, not with the Realtor having the full trust (since she is the Trust attorney), but odd that she is in both roles. Wills are provided all the time in real estate transactions, in fact, many states record them as public record, not to mention most of this info is provided by obituaries. ( if you have that, it's not hard to deduce who is in line to inherit). The church and funeral home put this info over the web airwaves. There's no privacy law protecton with either, but there certainly is protection with a lender. The lender doesn't care about who got what. But they do have two things to prove; his rightful entitlement to the funds and that the funds in your husband's account came from the trust.
You are not alone - I would say over 80% of those inheriting funds spend the money before the funds are in their bank accounts for 90 days. Lenders run across this scenario daily and almost always there are alternate documents that will suffice. But without having the cooperation of the Trust, it will be an uphill battle unless you can show you do not need the funds.
I've already provided them with that info via faxing a few pages of the trust to them a while back. It wasn't good enough.It stated the name of the Trustee, and the beneficiaries (names blacked out except my husbands name), and his percentage of the estate
I could've provided a copy of the cashiers check had they asked, but they didn't. And I emailed a few times "when should I deposit ithis?" asking if it is time yet. Then next thing I know, I should've already done so and had proof of it posting. Luckily trust bank account is at the same bank as our checking account.
We have co-operation of the trust but obviously some things are not proper. Hence how we got the letter I ALREADY POSTED from the trust. Of course I am not going to keep harassing the trustee, that makes no sense whatsoever after all he;s already done for us. And again, certainly not for documents he is only privvy to for a reason such as bank statements and checks.
For all I care, this can fall thru. It's easier for me to get the wasted inspection fee back via the Small Claims Court than it is to harass my BIL over and over. THen they'll come up with some other crazy stuff to harass him over. It never ends despite asking way ahead of time, what we need.
Simple. IF someone is already approved for said loan without the trust money, DON'T bring it into the picture at all since it will have to be sourced. That is all the loan agent had to tell me. He had weeks to check on this.
If this would fall thru, it wouldn't be too bad. The Sellers Agents are pulling fast ones, the owner was kicked out of most of the restaurants in the city and stores, he is disliked by neighbors he called the cops on. And next door neighbor says he called the County on him because a company accidently dropped some dirt off on his driveway instead. He's a contractor so would've had it moved ir did it himself. We really don't have alot of good folks involved in this transaction so if it were to fall through, it wouldn't matter alot. I'd pay my Realtor $$ for her time.
If it fell thru, we could buy a fixer upper not using the loan whatsoever. Our full inheritance is coming in sometime this month. And we'd use our Credit Union if needed, for a home loan. Their interest rate is within the rates posted online. Although rates aren't that important to me since it is possible to re-finance if desired, later on.
Thanks for listening to my ranting SmartMoney. And for your information
When I deposited the Cashiers Check, it was given to the bank so I cannot provide that.
Seems your last sentence is very true
The bank will have a scanned copy of the cashiers check. There should be a transaction record i the money from the trust to make the cashiers check.
Quote:
Originally Posted by adjusterjack
I would agree there, if OP was willing to walk away from the loan and seek another lender.
However, lenders practice the Golden Rule. The Man With the Gold Makes the Rules. "Give me what I want or no money."
You're absolutely right. Lots of these lenders tend to get really high and mighty. Especially loan officers. I had to give all sorts of info when I got my loan (which I understand needing and I looked up exactly the needed records) , but I told the to F off when they wanted info that had nothing to do with needed docs. I just flat out said no I'm not giving you those records. They tired to ask for a copy of my trust. I told them they get the front and back page and that's it. No statements nothing else beside what I declared. I was running three lenders side by side. One started being a douche asking for crap they had no business needing. I ended up waiting till the last few days, told the guy I'm going with another lender. I did just that. One guy was too high he n the rate so I went with the credit union which as the lowest rate. I have money and great credit so I had my pick of lenders too. Sometimes the guy with the gold gets f'ed by another guy who has gold too.
The bank will have a scanned copy of the cashiers check. There should be a transaction record i the money from the trust to make the cashiers check.
You're absolutely right. Lots of these lenders tend to get really high and mighty. Especially loan officers. I had to give all sorts of info when I got my loan (which I understand needing and I looked up exactly the needed records) , but I told the to F off when they wanted info that had nothing to do with needed docs. I just flat out said no I'm not giving you those records. They tired to ask for a copy of my trust. I told them they get the front and back page and that's it. No statements nothing else beside what I declared. I was running three lenders side by side. One started being a douche asking for crap they had no business needing. I ended up waiting till the last few days, told the guy I'm going with another lender. I did just that. One guy was too high he n the rate so I went with the credit union which as the lowest rate. I have money and great credit so I had my pick of lenders too. Sometimes the guy with the gold gets f'ed by another guy who has gold too.
Good for you!
Well they did loose business. My son started establishing credit per their guidance but of course, he won't be going with them. And we will refi asap. But as for now, tomorrow are inspections so I am going to let this be. I'll update as to whether we get the loan
But no-one is getting a copy of anything regarding a bank account I have no access to.
I will let if fall thru and when our inheritance comes in sometime this month, I'll use that for whatever house.
If I am laundering money, then so is my attorney-realtor (my partner) and putting herself on the line. which is very doubtful.
Well they did loose business. My son started establishing credit per their guidance but of course, he won't be going with them. And we will refi asap. But as for now, tomorrow are inspections so I am going to let this be. I'll update as to whether we get the loan
But no-one is getting a copy of anything regarding a bank account I have no access to.
I will let if fall thru and when our inheritance comes in sometime this month, I'll use that for whatever house.
If I am laundering money, then so is my attorney-realtor (my partner) and putting herself on the line. which is very doubtful.
Sometimes these guys get too big for their britches. You shouldn't have to put up with bs. Yes you want to borrow money but they aren't the only game in town. Best thing is go to a few lenders. They will know you're working with more than one. Sit back and let them fight. Tell them if you want my business I need your best rates. If you have good credit and money you have choices
We've just come so far by now...that I feel like keeping the same loan agent just to close the house
But if it falls thru due to excessive personal info, there might be a way to keep the house of course.
If the owner is patient enough for us to switch loan companies but it doesn't appear he will be.
The neighbor said he was kicked out of every restaurant (there are 3 or so) and the only store in town
His own Realtor said his communication style had something to be desired
We weren't sure we'd get this far. I guess I am just tired.....which is no excuse
I admire what you did. Keeping them more accountable helps everyone. I will be more prepared next time.
We cannot afford this house without a loan. In fact, it is planned to be renting out part of the house over the Summer to help make the monthly payments. So if we loose it, we will likely either apply for another loan if it is possible to keep this house, or end up buying a cheaper home. A fixer upper
Did any of you jumping in on the bandwagon note the “provenance of funds”?
Newsflash. It’s not people overreaching, it’s your government. One of the easiest way to launder money is through real estate.
So. OP. Let’s say you’re actually fake, you’re just a drug dealer’s arm candy with a good credit score. The dealer gives you a cashiers check to pay for the down payment on a house. You buy the house and then sell it (or a myriad of other schemes, rentals, etc.) that drug money is now clean. All for a 7-8% cut to realtors? With the possibility of appreciation or cash flow?
In short. Don’t hate the player. Hate the game. You’re going to have to provide your husband’s share of the trust one way or the other.
Did any of you jumping in on the bandwagon note the “provenance of funds”?
Newsflash. It’s not people overreaching, it’s your government. One of the easiest way to launder money is through real estate.
So. OP. Let’s say you’re actually fake, you’re just a drug dealer’s arm candy with a good credit score. The dealer gives you a cashiers check to pay for the down payment on a house. You buy the house and then sell it (or a myriad of other schemes, rentals, etc.) that drug money is now clean. All for a 7-8% cut to realtors? With the possibility of appreciation or cash flow?
In short. Don’t hate the player. Hate the game. You’re going to have to provide your husband’s share of the trust one way or the other.
Newsflash: You are confused.
This may be too advanced for you to understand, feel free to bow out.
1. Check aka down payment was derived from the same local credit union we bank at. Hence why depositing a 50K Cashiers Check was credited IMMEIDIATELY to our account (so we could show proof of such).It was not a check drawn off of a drug dealer but from my 91 year old Father in laws TRUST account. OOPS!
2. We've already more than verified the money is from a trust- three fold. Pages from the will provided, a letter typed from the TRUSTEE of the family trust (my BIL) stating my husband is a beneficary 2/50K amount and said check is derived from the trust account
3. The REALTOR is our shared realtor. She sold the home and property in the trust where the funds come from. She is also a Wills and Trusts Attorney
She is concerned what they are demanding is actually illegal. She is an Estate and Wills Attorney who asked for what they needed weeks ago.
We have no intention of providing private info regarding any future inheritance funds nor the private names of our family members, aka fellow beneficiaries nor how much they receive.
So for your scenereo to be plausible, you'd be saying all these people are in cahoots to hide 50K illegal funds
1. My husband
2. MY BIL
3. Our shared Realtor who is also a Wills & Trusts Attorney
4. A Federal Credit Union
And even if we tried to pretend such, more than enough verification already provided dis-proves this. And adheres to the law just fine.
Problem is what they are asking for is far beyond the law.
This may be too advanced for you to understand, feel free to bow out.
1. Check aka down payment was derived from the same local cr edit union we bank at. Hence why depositing a 50K Cashiers Check was credited IMMEIDIATELY to our account (so we could show proof of such).It was not a check drawn off of a drug dealer but from my 91 year old Father in laws TRUST account. OOPS!
2. We've already more than verified the money is from a trust- three fold. Pages from the will provided, a letter typed from the TRUSTEE of the family trust (my BIL) stating my husband is a beneficary 2/50K amount and said check is derived from the trust account
3. The REALTOR is our shared realtor. She sold the home and property in the trust where the funds come from. She is also a Wills and Trusts Attorney
She is concerned what they are demanding is actually illegal. She is an Estate and Wills Attorney who asked for what they needed weeks ago.
We have no intention of providing private info regarding any future inheritance funds nor the private names of our family members, aka fellow beneficiaries nor how much they receive.
So for your scenereo to be plausible, you'd be saying all these people are in cahoots to hide 50K illegal funds
1. My husband
2. MY BIL
3. Our shared Realtor who is also a Wills & Trusts Attorney
4. A Federal Credit Union
And even if we tried to pretend such, more than enough verification already provided dis-proves this. And adheres to the law just fine.
Problem is what they are asking for is far beyond the law.
.
I’m not confused at all. Maybe I just expected you to understand how to draw a parallel. You’re right. Obvious oops. Next time I’ll specifically draw out how it relates to your bougie issue.
Bottom line. In the mortgage banking world, you will need to show PROVENANCE OF FUNDS. That’s showing what account it came out of. And where it went in to.
You keep hanging on this “it was immediately credited, that’s proof”. No. It’s not.
And. For the scam to work without establishing provenance (please, please actually look it up) you would only need a shady trustee, a shady lawyer, a shill and a mark. That’s why they call it a conspiracy.
I’m not confused at all. Maybe I just expected you to understand how to draw a parallel. You’re right. Obvious oops. Next time I’ll specifically draw out how it relates to your bougie issue.
Bottom line. In the mortgage banking world, you will need to show PROVENANCE OF FUNDS. That’s showing what account it came out of. And where it went in to.
You keep hanging on this “it was immediately credited, that’s proof”. No. It’s not.
And. For the scam to work without establishing provenance (please, please actually look it up) you would only need a shady trustee, a shady lawyer, a shill and a mark. That’s why they call it a conspiracy.
Alright you just refuse to read the posts still. This is purposefull
There is proof where the funds came from and went.
There is proof for everything you come up with, and MORE of your wild imagination
We do not have
1. a shady shared credit union- and proof provided from such
2. Shady trustee- my BIL
3. Shady Realtor aka Wills and Trusts Attorney
Proof has been provided which proves all what needs to be proved.
We may have a shady loan company in which our Attorney aka Realtor is looking into. Otherwise we are keeping it legal
Alright you just refuse to read the posts still. This is purposefull
There is proof where the funds came from and went.
There is proof for everything you come up with, and MORE of your wild imagination
We do not have
1. a shady shared credit union- and proof provided from such
2. Shady trustee- my BIL
3. Shady Realtor aka Wills and Trusts Attorney
Proof has been provided which proves all what needs to be proved.
We may have a shady loan company in which our Attorney aka Realtor is looking into. Otherwise we are keeping it legal
So. Where did you show the origination of funds?
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