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, ***** *****