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Old 12-06-2013, 12:03 PM
 
Location: MID ATLANTIC
8,050 posts, read 19,717,768 times
Reputation: 9095

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Quote:
Originally Posted by Rabrrita View Post
You don't need a template, what you need to do is just explain the money. The orginal poster over reacted and made a simple thing into a overwhelming headache.

Regarding the deposit of $4,345,92 made on 11/01/20123 that you asked about, the funds were received from my older brother who made a bet with me in 1973 that he could get a date with the Jones twins before I could. He lost the bet! He also welched on the bet! Recently he had a near death expereince and as he approcahed the light, he said he heard a voice from beyond say "Pay your bets you slob!" needless to say, he recovered and paid off the bet with interest. Attached is his letter to me explaing the situation.

That's it, thats all you need to say. Just tell them where you got the money from!
He made a bet with me as well. It was very close to the amount you listed. I'm still waiting.
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Old 12-09-2013, 08:59 AM
 
Location: Southern California
4,453 posts, read 5,678,916 times
Reputation: 2210
Quote:
Originally Posted by Rosachica View Post
Is it possible you can post a template of the wording on the letter? I am in the same boat as of right now and hearing how successful your letter was would like to use it as a guide. Feel free to ommit your name and address and identifying inf. Or you can email me a tample at dominicansweety13@gmail.com

Thank you I truly appreciate it !!!!
Go find a lender that isn't going to make you use an internet forum for a simple question.
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Old 12-09-2013, 07:21 PM
 
10,537 posts, read 14,035,851 times
Reputation: 16238
Quote:
Originally Posted by thelopez2 View Post
Go find a lender that isn't going to make you use an internet forum for a simple question.
The lender has nothing to do with this. The lender asked a very common question that all lenders will ask. It's usually the borrowers that freak out and make it into something it's not. Bet if they ask the lender what to do, they will say "just explain where you got the money from!"
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Old 12-09-2013, 09:15 PM
 
Location: Southern California
4,453 posts, read 5,678,916 times
Reputation: 2210
Quote:
Originally Posted by Rabrrita View Post
The lender has nothing to do with this. The lender asked a very common question that all lenders will ask. It's usually the borrowers that freak out and make it into something it's not. Bet if they ask the lender what to do, they will say "just explain where you got the money from!"
The loan officer has everything to do with it. Especially if the loan officer just want to send the borrower emails because it is less work than calling the borrower.

The lender couldn't guide the borrower to say something like this that Pfhtex posted?

Quote:
Originally Posted by Pfhtex View Post
Every deposit over $300 will be vetted.

You must provide: the actual deposit slip, the check copy itself, if it was from another account of yours, you must provide THAT account's statement, and yes those funds will be further traced.

If it's cash the funds might not be allowed, ie, they don't exist as far as the transaction goes.

Letter: "On ----- I deposited $____ into bank account ____, # _____, in the form of (check, cash) that was received as a result of _____" Sign/date
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Old 12-09-2013, 09:39 PM
 
10,537 posts, read 14,035,851 times
Reputation: 16238
Quote:
Originally Posted by thelopez2 View Post
The loan officer has everything to do with it. Especially if the loan officer just want to send the borrower emails because it is less work than calling the borrower.

The lender couldn't guide the borrower to say something like this that Pfhtex posted?
Not at all. This is a very common and routine question. The lender is asking where did you get the money, thats all they are asking. What idiot needs a loan officer to hold their hands in answering a question? Do we have the loan officer hand hold the borrower as they go through each and every question of the loan aplication. If the lender ask for the 2012 federal tax return, is it the loan officer that needs to guide the borrower through the complex maze of understanding what they mean by year 2012 and exactly what is meant by federal, and that oh so complicated confusing tax return forms?

It is the borrowers that primarily go stupid on this simple question and start conjuring up all sorts of fears and frights over a simple thing. Read the original post and follow the OP's near mental collapse over this when all that was needed was a simple letter.

When I purchase property I often get questions over large deposits even though these are unconventional short term loans. My answers are always the same, I got the money from X for Y reasons. Simple because thats all they are asking.
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Old 02-09-2017, 06:07 PM
 
1 posts, read 503 times
Reputation: 10
Hi,

I applied for the conventional loan. I had 3 large deposits last year on October. That 3 large deposits was cash because I got married last year and Everyone most of them gave us cash as a money bag. Now underwriter is questioning for that large 3 deposits. I have no proof for the cash. What I should do Please advise.
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Old 02-09-2017, 07:08 PM
 
Location: Phoenix, AZ area
3,316 posts, read 3,528,680 times
Reputation: 4053
Quote:
Originally Posted by nbachan View Post
Hi,

I applied for the conventional loan. I had 3 large deposits last year on October. That 3 large deposits was cash because I got married last year and Everyone most of them gave us cash as a money bag. Now underwriter is questioning for that large 3 deposits. I have no proof for the cash. What I should do Please advise.
Your loan officer should have prepped you for this before it went to underwriting. They have no choice but to source the funds so you have some work to do. Get in touch with your agent and make them get to work figuring out a workable solution with your loan officer. Most likely you will need gift letters from a few people, they need to ensure the money isn't a loan. Get your agent on it that is what they are paid for.
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Old 02-09-2017, 08:42 PM
 
Location: Austin
7,205 posts, read 18,712,130 times
Reputation: 9807
Quote:
Originally Posted by nbachan View Post
Hi,

I applied for the conventional loan. I had 3 large deposits last year on October. That 3 large deposits was cash because I got married last year and Everyone most of them gave us cash as a money bag. Now underwriter is questioning for that large 3 deposits. I have no proof for the cash. What I should do Please advise.
This is February. How is the underwriter seeing any deposits from October? They only want to see the last 2 months bank statements at most. Some only want to see 1 month these days.

Since they've already seen them, you just give them proof of when you got married, and write a couple of sentences about the money being wedding gifts from various people in $10-100 increments and you deposited it all at once.
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Old 02-12-2017, 05:55 PM
 
Location: Saint John, IN
11,576 posts, read 4,698,808 times
Reputation: 14679
Quote:
Originally Posted by FalconheadWest View Post
This is February. How is the underwriter seeing any deposits from October? They only want to see the last 2 months bank statements at most. Some only want to see 1 month these days.

Since they've already seen them, you just give them proof of when you got married, and write a couple of sentences about the money being wedding gifts from various people in $10-100 increments and you deposited it all at once.


My thoughts exactly! If they still give you a hard time then find a new lender as I think it's ridiculous!
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