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I gave all three of my children 30000.00 one of my children…

Customer Question
I gave all three...

I gave all three of my children 30000.00 one of my children has bought a house and the bank is telling them I need to write a letter stating I gave them that money.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

South carolina

Lawyer's Assistant: What steps have you taken so far?

None

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes, I had my son open an acct at my bank, because I give each one of my kids 1000.00 a month, whick makes it easy for me. My son would withdrawn the funds and place in his savings acct. At another bank with his name only on the acct. When he decided to put hase a home with it he transfer 15000.00 into his joint acct with his wife. The bank also wants his wife to write a statement stating he gifted that 15000.00 to her.

Submitted: 3 months ago.Category: Legal
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Answered in 4 hours by:
4/3/2018
Lawyer: Marsha411JD, Attorney replied 3 months ago
Marsha411JD
Marsha411JD, Attorney
Category: Legal
Satisfied Customers: 20,933
Experience: Licensed Atty, 29 yrs exp in the practice of law.
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Hello,

Thank you for your post, can you please tell me what your legal question is?

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Customer reply replied 3 months ago
Is this request from the bank legal. Why do I have to write a statement stating I gifted him these funds and why does his wife have to write a statement stating he gifted her the funds. They also stated that I should write the 15000.00 for the down payment on the house and let my son reimburse me the 15000.00 after closing. Their reasoning is back when we had the housing crisis that people would put large payments down on a house to find out later they had borrowed the money from another institution. They state that they need a paper trail.
Lawyer: Marsha411JD, Attorney replied 3 months ago

Hello again and thank you for your reply. Yes, this is legal and it is standard practice with borrowers on mortgages who have received sums of money from sources other than earnings that they are using for down payments, closing costs or to qualify for a loan. And yes, this is all a result of the less than honest transactions that led to the mortgage crisis earlier this decade. In any event, a loan underwriter always has the right to know the source of any income being used to qualify for a loan.

If you would like to read more about this issue you can find some helpful information at the following link: https://mymortgageinsider.com/first-time-home-buyers-down-payment-gift-money/

Please feel free to ask for clarification if needed. If none is needed, then if you could take a moment to let me know that I covered your question by replying to this answer, then the Site will give me credit for assisting you today. Thank you

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Lawyer: Marsha411JD, Attorney replied 3 months ago

Hello again,

I wanted to touch base with you and make sure that you did not have any follow up questions for me from the answer I provided to you on the 3rd. For some reason, the Experts are not always getting replies, or ratings (at the top of the question/answer page you are viewing or in the pop up box for this question), which is how we get credit (paid by the Site) for our work, that the customer thinks have gone through. In your case I received neither.

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In any event, it was a pleasure assisting you and I would be glad to attempt to assist you further on this issue, or a new legal issue, if needed. You can bookmark my page at: http://www.justanswer.com/law/expert-marsha411jd/

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