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Legal Financial Questions regarding a loan and downpayment:

I am having trouble with...
Legal Financial Questions regarding a loan and downpayment: I am having trouble with a loan company- I was originally approved for a loan at the beginning of October- I told the loan company I would be cashing in some of my cryptocurrencies for my downpayment, (they had everything on me, complete financials, copies of bank statements, personal financial statement, etc., and I was approved for the loan, got my letter of approval, and was given 90 days to find a house. (I've used this company a couple times in the last 5 years or so, no problems.) I found a house a couple weeks ago, and I told the real estate agent I was using that I was approved for a loan from a company already, but this agent kept insisting I apply with a local person- so I did. My investment portfolio is complicated, but I sent this new person everything I sent the big company, but he couldn't understand everything, and honestly-- I didn't have the time to keep answerwing questions and sending more things, so I politely told him I didn't really have the time to pursue a loan with him, that perhaps I could pursue this further on another property project later, and I informed my real estate agent I was just going to go with the company I already had approval with. I'm not sure of everything my agent might have said in phone conversations to the loan agent I already had approval with, but after he emailed my loan agent five times in a row, asking her questions about "did you know about this" (about me), until he finally arrived at something that gave my loan agent pause(I had him forward those email to me later), my loan agent then phoned me and asked about it. After a few minutes of conversation, she remembered that it was something we had discussed at length before they approved my loan, and then we proceeded, but with her now re-questioning everything, until we arrived at this trouble:
After telling me originally that I could, my loan agent told me that their company now cannot allow me to use my funds from my crypto investments as my downpayment,* but she did say that I could use some funds that my husband has parked in an estate account (where his Dad passed away a couple years ago) and that I could put those funds back in there after cashing in some of my crypto profits after we closed the loan, that they wouldn't be monitoring anything after we closed the loan, so I said that would be fine and we proceeded. Then she called and said she needed proof that my husband was the only beneficiary with access to that account. We called the bank and sent her a copy of the signatory card to that account- it shows it's only him, and there's no one else that can write checks from that account. But NOW, late yesterday evening, she called and said they need a copy of the will- to make sure no one else has access to those funds(yes, the will will show the funds are to be divided between my husband and his brother, and there's enough of my husband's half to cover the downpayment, but how can they have a right to ask this- they've been given the signatory card? My husband is the only person who can remove that money from this account, regardless of who is a beneficiary on the will- (and the loan agent herself had suggested I could just put my cryptocurrency funds back in there if I wanted to replenish the balance.) We are out of town now and won't be back home for several days, so I can't send a copy of the will till then, but I told my loan agent my husband could just write the loan company a check from that account and they could hold the money until we close on the house in 15 days, to assure them the funds will be available. I have not heard back from her today. Honestly, I really, really don't want to lose this house, and they originally told me I could use my crypto funds, then that i could use the estate funds--do they not have an obligation to allow me to do one or the other, since they told me I could?
* After the loan officer said "no" on using the cryptos, she said it was because "Fannie Mae didn't consider those an asset" and that "they couldn't be traced- they had no way to make sure I wasn't using drug money, or something." Sigh: I know this is a really new area, but I do know the U.S. currently has declared cryptos as personal property- and that's classified as a moveable asset, and also, yes, cryptos are absolutely traceable if I give them the transaction ID numbers (and I told her I would give them to prove they were mine.) I would really appreciate if you are able to give me some direction on what I can do now- I'm traveling for Christmas and don't want to have to travel home for then will. Thank you, ***** *****
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Answered in 12 minutes by:
12/27/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,759
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

First off this would constitute a breach of duty to you and coercion bordering on extortion by your real estate agent in trying to force you to use her mortgage company and broker. You need to inform your agent perhaps that you are going to be filing a complaint with the real estate board against them for them interfering with your loan and insisting you use their loan broker and then retaliating and trying to force you away from the lender of your choice, which you are entitled to.

The agent has done this purposely to force you to use her broker, so I would inform her in writing to cancel the contract with you and if she refuses now that she has tortiously interfered with your other lender to extort you to use her lender, you will be pursuing a complaint to the real estate board against her will be suing her for damages.

Of course, since you do not want to return home from holidays you will need to get a local attorney to represent you and pursue this locally against her on your behalf.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 1 month ago
Thank you, ***** ***** agree that was wrong of the agent, but do you have any words on if my original loan company has any obligation to let me use either of the sources of downpayment that they said I could use?

Thank you for your reply.

The underwriter has the final say on any loan, so they can change their mind if they want to change their mind about the down payment and all you can do is appeal that to the underwriter's supervisor I am afraid. However, if you lose the loan and the house because of the unethical agent you need to sue the agent for damages.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,759
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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