Posted on: 27th Oct, 2009 09:59 am
MY SISTER IN LAW NEEDS ME TO GIVE HER A 4,000 GIFT. SHE GAVE ME THE LETTER TO SIGN... THE LETTER ASK SAVINGS, CHECKING OR OTHER.. IF I CHECK OTHER, IS THAT OK? I DON'T WANT MONEY PULLED OUT OF MY ACCOUNTS...
The letter is referring to where you will be pulling the $4k from. This is not a form allowing anyone to pull dollars from any one account. This is simply satisfying the lenders requirement of sourcing where the down payment monies are coming from. So, the real question is where are you going to be pulling the funds from that you will gift to her? Checking Account, Savings Account, 401k, etc.
I hope this helps...
I hope this helps...
Other is fine but you will need to provide documentation on where that money is coming from, they may not have asked for it yet, but they will. In the end you can give it to her from wherever( just not borrowed) but you will indeed need to disclose more info. The bank will want to see that money being moved from your account to hers and clearing.
