HELP! Mortgage question, Our commitment date is this tuesday!?
We’re working to get a mortgage through an agent.
Our commitment date (when we need our commitment letter) is Sept. 30th (this tuesday). On FRIDAY our agent told us that everything looks good but there are 2 things that they’re questioning …… large sums of money that were deposited into my bank account.
There was a deposit for 5,000$ that my grandmother gave me as a gift and also 2,000$ that I recieved when my great aunt died.
My grandmother has to fill out a gift form (which she did) and we also need a copy of the returned check & a bank statement from my grandma. My grandmother will not recieve the returned check until AFTER the closing!! The bank statement she can pick up at the bank, but she usually recieves her cashed checks with her monthly statemnt which she does not recieve until the 3rd week of the following month …
ALSO, they wanted something about the money from the death of my great aunt but they never gave us any forms!! I have to do all of this tomorrow.
My fear is that we’re not going to be able to give them EVERYTHING they need before the date of the closing!! They just told us this stuff on Friday evening (giving us only 2 business days before our commitment date)…
Anybody else ever go through this??
If we dont have ALL of the doccuments to them will that prevent us from getting the mortgage? What are the MOST IMPORTANT things to get to them so that we can work on those first??
First thing is first. Your loan officer should have no trouble writing a commitment letter based on this scenario.
As far as the best way to handle getting your items in here is what you want to do.
1. Go online and print out a copy of your g’ma cxl check. If she is not online she can ask her bank for a copy or a transaction history that will show that the check cleared.
2. As far as the death of your great aunt. Just get them a copy of the will/probate ruling.
Mortgage payment not received, anyway to stop cashiers check?
I have a VA loan that I started in Aug and my first payment was due in Oct. My wife sent a 1300.96 cashier check to them and has been sending them one every month since then up until Jan. In Jan I went to apply for a car loan and was told I had not been paying my mortgage payment and my credit score was way too low to approve. I am about to go to my bank here in Oklahoma and I need to know what I need to ask them or if they can even help me. I just received my income tax and with the 7500 house credit I can pay the overdue amount of 6,725.92 but as i’m sure you can understand i would much rather be able to either stop the cashier’s check to get a refund back to my account of the checks i’ve been sending or for the mortgage company to find them and cash them. They dont know where they are and are blaming my wife for not putting the account number on the checks even though she uses the return envelope that the statement comes in. I really need help as this is not an area that i am very familiar with thank you.
First check with your bank to make sure none of these checks have been deposited
if they have taken the money from the checks you have legal evidence that they have taken payment
fax them copies of proof they took your money and demand to know why they have taken payment from you and not acknowledged it
Joint Savings account? Mortgage?
Hi we are planning to buy a house soon. I don’t make any money at all only my husband. So we are planning on just putting the loan in his name. My question is, if we have a joint savings account and i’m the primary or first one on there, can they use that account for checking bank statements for down payment and such? Or does he have to be the primary?
Actually my husband got a mortgage in his name since I don’t work. However, our savings account is in my name only. It’s perfectly acceptable as long as you sign a letter giving the bank permission to access the account. I had to sign a letter giving the bank permission to access the savings account since my husband’s name isn’t on it and another for the joint checking account.
Do you really make copies of every check you deposit into your account?
I would like to close on our house in 12 days and everything is set up except the mortgage people want copies of every check I have put into my checking account from the statement they have covering the time period from 2-3 months ago.
I wrote them an explanation of where the checks came from and sent them what the bank has which is a paper reciept thing for the checks since I deposited them via ATM.
How does anyone get a mortgage? Do people normally keep copies of the checks for extended times after they clear? I kept the ATM receipts for like 2 weeks to make sure they went in but didn’t see any point after that.
What I probably should have done is just not include my checking account when I handed in the paperwork since I have enough savings for the downpayment without it.
My question is: How can anyone get a mortgage if they need copies of deposited checks from 3 months ago? (This was before we were even thinking of buying a house)
The copies online are not of the actual check since I deposited them via ATM and I don’t know yet from the mortgage company if they are good enough. Also, they don’t have them from so far back but I could probably get them by calling the bank and waiting like 2 weeks.
You are experiencing a ‘knee-jerk” reaction to the current mortgage loan crisis. The pendulum has swung from very liberal lending practices to very conservative. Eventually it will moderate.
The mortgage company wants to be sure you didn’t “borrow” some money to make your accounts look better. If they won’t back off their requirement, you may have two options in getting copies of the checks. I would first ask the payor (the source of the check) to have their bank make a copy, if one has not been provided in their statement. The second option would be to request a copy of the deposited check from your bank or credit union. The second option would require more research time and could be more costly, as most banks charge research fees. You will need to know the exact date of each deposit so the bank can search their check images for that date.
Is there a way to report mortgage payments on credit report if note is not bank owned?
Three years ago, my husband and i found a house we wanted to buy. We didn’t have much money to put down and our credit rating wasn’t the best. So, my mother in law actually purchased the house for us and we make monthly (on-time) payments to her and have canceled checks and statements for proof of timely payments. Is there a way she can report these to the credit bureaus?
No, your mother in law is your lien holder. As an individual she cannot report your payments to the credit bureaus.
Credit bureaus collect information from their members. Credit bureau memberships are quite expensive, and only members can report.
Hope this helps
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