Closing Costs & Family Issues…?
My husband and I are buying our first house. We’ve been married 2 years, plan to have kids soon, and are sick of living in a sardine can apartment with noisy neighbors. Completely understandable, right?
We decided not to tell our families about our decision until we’d picked out a house b/c we didn’t want them trying to overly-involve themselves. We found one we like. Called his parents to TELL THEM of the decision we’d already made (not ask their permission). They flipped out & told us we were being stupid. Called my family & they were happy for us. My grandparents offered to pay for closing costs. We told them we could get the seller to pay closing, but if they wanted to help, they could help us with the downpayment. They said, “No, we want to pay closing.” We didn’t ask for help– they offered it. I’m not going to turn away free money. We were supposed to make an offer today. The mortgage broker said we need my grandparents to write a gift letter, and attach a voided check and 2 months bank statements. I told my grandpa this. He got pissed & started yelling at me. “Why do they need to see MY bank statements?! I wouldn’t even let the president of the united states see my statements!” and about had a heart attack. I’m sitting here crying…
1.) Why do they need to see his bank statements?
2.) If it becomes too much of an issue, how can I just tell my grandparents that I love them dearly, but don’t want their help if they’re going to be stubborn?
1) The bank wants to make sure that your grandparents actually have the money and that you are not using the gift letter to cover up a loan, which would be grounds for declination of the mortgage (you would be borrowing money to put down on a secured house and the second loan would not be secured and might put you above the appraised value plus some other things they take into account such as your debt ratio).
2) While I would not phrase they apology that way, yes, but make sure you do it before you place the offer so you don’t have to go back to the seller and ask for concessions.
Did my construction contractor commit fraud or some other offense? I feel as though I have been scammed.?
My house was struck by a tornado and heavily damaged. My son recommended a contractor which I hired based upon his opinion. I am an 81 year old woman whose husband has recently passed. I do not know anything about contractors or insurance claims. And, keep in mind that that I no longer have a mortgage. My damages were in excess of 40k. This is a legitimate construction company.
First, the contractor insisted that the insurance company would not work with me directly and that I cannot hire my own contractors…that I must hire one contractor to do all the work, including hiring subcontractors. He stated that it would be fraud for the insurance company to give me a check for a certain amount and for me to pay a cheaper contractor to do the work and for me to keep any portion of the money. He said that every cent had to go to the contractor.
I did sign a contract because he told me that he had a special rapport with the adjuster and that he would be able to get more of the house repaired than another contractor would. He said that he would talk the adjuster into replacing my entire roof and not just half of it.
The contractor gave me an initial estimate, said that he would work directly with the insurance company and I would not be involved. As the work was within two days being completed, I received a check from the insurance company. That very day, the contractor came by and insisted that I sign the entire check over to him. It was significantly more than his estimate. I asked for a final billing or invoice and said I would pay him the amount he billed me. he then became very insistant that I just sign over the check to him and that if I didn’t he would not be able to complete his payroll the following day. As I felt quite intimidated, I did sign over the check. Well, as soon as I did I sure did get an earful!! This young man unleashed a barrage of terrible words on me and I had to threaten to call the police before he would leave my home. I asked for the check back and he refused.
My son later looked over the statement that came with the insurance check and see that the insurance company allowed so much for each item that was replaced. They allowed much more than the items I received and were installed by the contractor. As an example, the insurance company allowed $400 for a front porch railing. I did not get one at all. They allowed $600 to replace a light post. The light post I received is a model I saw at the store for $99, same brand and all. What happened to this extra money? Should the contractor have been allowed to keep it? I was not able to keep one cent. It appears that the contracting company received 10% for overhead, 10% for profit and a great deal in overages for these items.
This does not seem right to me and I don’t know what to do. To make matters worse, the interior painting on the walls that were rebuilt was not included in the contractors work and now I have to pay for this myself. Any help is appreciated.
You were scammed.
Did you read the print on the contract? That really matters.
You could sue for something significant, I’m sure. You should look into contacting a professional.
Mortgage Joint account question please!! ?
My girlfriend and I are buying a house but I am the only one on the loan. I am preapproved. We have a joint checking and savings account that both of our paychecks and her cash tip money go in from her waitressing job. We pay both of our bills out of these accounts is underwriting going to let me use all the funds we have in the accounts for down payment verification when they review bank statements? We have a little more than we need for down payment. Are they going to say 50% is mine and I can’t use her transactions? How does this work?
They may state that you make 75% of income and she makes 25% and that only 75% of that account balance can be used for a down payment.
They will look at tax returns to make this decision.
Why don’t you guys just get married first, and buy the house jointly?
“T.M.C.C LOAN PMT” on Bank Statement- took $$$ what is that?!?
I have an unauthorized debit on my bank account for just over $300 from “T.M.C.C LOAN PMT” ..I checked with my credit card company and they did not do this. In my years of paying off loans, none of my loan companies have ever debited without my permission. I am not involved in any mortgages or any other types of loans. ANY HELP would be greatly appreciated. My bank doesn’t even know what it is. Thanks.
Sounds like either an error or a case of fraud. TMCC is Toyota Motor Credit Corporation, who loans money for Scion, Toyota, and other autos. You might try contacting them.
We were given 90 days to vacate after foreclosure and now slapped with court papers after 1 month?
Me and my fiancee were renting this house. The house got foreclosed upon at the beginning of last month. the mortgage company sold it to another buyer and sent foreclosure papers addressed to us as the residents. In this piece of mail we fell under section 02 or section 03 (I forget). Basically section 01 was saying that if we were the home owner then we had something like 3 days to vacate the premises. However, under the section we fell under if we were renting and our lease had expired but we had a clause to pay month by month then we had 90 days to vacate. We immediately sent a copy of the lease as well as bank statements showing our payments up to date. After this they never contacted us back until today. However, they might have sent mail under the name of the home owner (the lady on the mortgage). We keep her mail in a stack because we are not allowed to open it by Federal law. The home owner is now a junkie and she never comes around except about a month and a half ago after not seeing her for a year.
Today we get served papers to appear in court because we did not vacate after 3 days even though we provided all the evidence that we fell under the 90 day vacate section. It was delivered by a Constable so it is not some scare tactic. Basically the story I got so far is that the Mortgage Company sent the paperwork we submitted to them (containing our lease info as well as the payments of the rent) to the new owner (the guy who purchased it last month) of the house. Since the new owner never contacted them back giving his approval we were in violation of not vacating the premises. I don’t know if it is correct but to me it should not matter if he agrees with the law it is still the law. I already contacted the Mortgage companies attorney and they are checking with the mortgage company to see what is going on. Their own attorney said we are right to live here and we didn’t break the law.
What can I do about this, what are the laws, and what should I be cautious on.
Thank you for the help.
This is in Texas if you want to know more for the purpose of legality.
Talk to a lawyer
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