How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33769
Experience:  15 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

A friend is buying a home but just has to come up with 6k to

Customer Question

a friend is buying a home but just has to come up with 6k to show he has in reserves. What is the easiest way to borrow 6k to hold for two weeks and give it back? He cant take out loans due to his debt to credit ratio and has no friends or family to borrow it from and he cant just save it from paychecks cause he has to pay his bills?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

I am afraid that this likely isn't going to work because the banks are pretty hip to this type of thing and they will normally require money to "season" by being in a person's account for 60-90 days before they will allow it to be used for reserve or down payment purposes. The way this is normally done is by someone loaning/giving the money to the person and then signing a "gift letter" stating that they are giving the person that money.

.

So if friend can't get that money either with a gift letter or have it sit in their account to season, then the bank may not agree to make the loan.

.

As an aside I used to be a closing attorney for 4 different lenders..

.

I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

.

.

thanks

Barrister

Related Real Estate Law Questions