Posted on: 18th Oct, 2009 05:14 am
Hi
My Brother completed the Mortgage Gift letter my mortgage financer gave me, he sign it where it says donor signature and then he took it to his bank since it requires bank signature and they also need to write his bank name and account.
Now my mortgage financer is telling me that my brother needs to give them his Bank Statements in addition to the Mortgage Gift letter. I don’t understand why they need his bank statement he is not the one buying the house I am. The person who is working on my mortgage said it is required. My brother does not want to provide his bank statement he is not comfortable with that. My question to you is it true that the donor in addition to the Gift Letter he/she also need to provide with a copy of their bank statement? The second question is where can I find that policy that says so?
Thank you
My Brother completed the Mortgage Gift letter my mortgage financer gave me, he sign it where it says donor signature and then he took it to his bank since it requires bank signature and they also need to write his bank name and account.
Now my mortgage financer is telling me that my brother needs to give them his Bank Statements in addition to the Mortgage Gift letter. I don’t understand why they need his bank statement he is not the one buying the house I am. The person who is working on my mortgage said it is required. My brother does not want to provide his bank statement he is not comfortable with that. My question to you is it true that the donor in addition to the Gift Letter he/she also need to provide with a copy of their bank statement? The second question is where can I find that policy that says so?
Thank you
The house I want to buy needs a $2800 repair and my parents offered to pay for it. Same situation, leader wants two months bank statements. They did provide a bank statement but only the summary and deposits. Lender says no way, they want all the withdrawals too. Parents will not do this. Withdrawal information is irrelavant. They have not yet paid for the repair so the withdrawal the lender wants to see hasn't even been made. They HAVE proved that the money is there by providing the partial statements. I have to go by what the bank wants because they are lending me money. Parents are not involved in loan and don't have to do a damn thing. Why can't they just sign an affidavit and have their bank sign off on it? Bank already sees this information. Maybe I should borrow from their bank...not a bad idea actually...
Hi Jan,
Unless the lender receives the required documents, you won't be able to qualify for the loan. Thus, if your parents are not giving you the required details, it will be better to contact the bank for another loan for home improvement.
Thanks
Unless the lender receives the required documents, you won't be able to qualify for the loan. Thus, if your parents are not giving you the required details, it will be better to contact the bank for another loan for home improvement.
Thanks
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