SWhite Posted July 31, 2006 Report Share Posted July 31, 2006 I'm in need of a fast answer!! When closing on a house and receiving gift money from someone, the bank wants them to sign a gift letter stating that it is not a loan and does not have to be repaid. My question is, does the person have to have their bank fill out the section that discloses their account number and balance in order for the lender to accept it?My brother is giving me the money and is willing fill the paper work out and have it notarized stating that he is giving it to me as a gift and not a loan and that the money has already been transferred to my account. He is not willing however to take it to his bank and have them fill out the part that gives his account number and balance because (1) he has been a victim of identity theft and (2) it's not the lenders business how much money he has left in his account.On the gift letter by "to be filled out by depository" it has (optional). What do you think? Need answers ASAP!!!!!!!Thanks Link to comment Share on other sites More sharing options...
SWhite Posted July 31, 2006 Author Report Share Posted July 31, 2006 Bump!!Please Does anybody know anything about this? Link to comment Share on other sites More sharing options...
shaithis714 Posted July 31, 2006 Report Share Posted July 31, 2006 The gift letters I had to provide my lender only required info from the donor. The banks don't have to fill out anything. However it only asked for source of funds, not account info specific to it. I had to provide the letters and proof of deposit into "my" account.I had originally started with a different lender, niether one of them required specific account info from the donor nor notorization. Link to comment Share on other sites More sharing options...
firstsource Posted July 31, 2006 Report Share Posted July 31, 2006 If it is a large amount the lender may want to source the funds. What this means is that your brother would have to provide bank statements showing that the funds had been there for 2 months or more. I would suggest that you just have your brother fill out the letter with the info that he feels comfortable providing and if the lender wants more info they can ask for it. Charles Link to comment Share on other sites More sharing options...
Recommended Posts