Posted on: 16th Jan, 2013 01:18 pm
My boss and I had a contract of deed agreement. I have been paying him 2000. every month for the past 4 years, unfortunately he insisted on me giving him cash. Now I am trying to get a loan from the bank and they want him to give them a gift of equity letter for the 165,000. I have paid him toward the house. This is not a gift, I have paid that money to him, how does this work? I knew this was going to be a problem, but needed a place to live after my husband and I separated. The house was just appraised at 265,000 and I need 110,000. Any advice would be greatly appreciated
Hi Court!
Welcome to forums!
You may speak to other lenders and check out if they will also require the gift of equity letter. Though it is not a gift of equity, you can ask your boss to write a gift of equity letter in order to finalize the deal.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You may speak to other lenders and check out if they will also require the gift of equity letter. Though it is not a gift of equity, you can ask your boss to write a gift of equity letter in order to finalize the deal.
Feel free to ask if you've further queries.
Sussane
Welcome Guest,
I will suggest you to speak to some of the other local lenders in this regard. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know if you can qualify for a loan.
I will suggest you to speak to some of the other local lenders in this regard. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know if you can qualify for a loan.