On Sunday, August 31, 2014 3:37:24 PM UTC-4, micky wrote:
On Sun, 31 Aug 2014 04:14:22 -0700 (PDT), trader_4

wrote:







That's why I said "if". But my ex-girlfriend got a mortgage this



summer, (even though she quit her job 6 or 12 months ago), for maybe



half a million dollars.







She said it was harder to get, but she only gave one detail, that right



near the closing, she had to get a letter from her bank saying that the



money had been there for at least 60 days, I think it was. Now I've



heard of people borrowing a big chunk of money and putting it in the



bank so they can show people a piece of paper with a high balance on it,



and maybe get credit based on that, but in this case, it was the money



she was going to spend at the closing, so I don't know why it mattered



if it had been there for 60 days or only a couple hours. I asked her



and she didn't know either.







Mortgage folks want to make sure that the funds you claim you're

putting into the deal are really yours and not more borrowed money

from somewhere else, eg pulled at the last minute on a line of

credit. Seeing that it's in your account for 60 days

doesn't totally prove it, but it helps.



Makes sense. But I think they should have warned her about it in

advance. What if in order to maximize income she'd waited until the

last few days to sell a stock or redeem bonds.


The way it works, in my experience is you say I'm putting X into this
deal. They ask where X is coming from. You tell them. Then somewhere
along in the process they ask you to show that. So, if she said she
was going to sell bonds for the deal, they would have asked for proof of
that.



My next door neighbor sold his house and bought a better one, and the

guy he bought the better one was going to buy an even better one. All

three closings were to be in a row, one hour I think scheduled for each,

on a Fridaay morning.



Something went wrong with my neighbor's purchase, and whoever was in

charge cancelled all three. For some reason, his wife had given the

keys to the real estate agent, so they couldn't get back in their house.

Their other next door neighbor had keys, but she was out of town for a

few days. They went to a motel in Frederick Friday and Saturday

nights. Then she went home to her parents in Pa. and he got the key

from the other neighbor, and slept on the floor for 2 or 3 more nights

until the new closing. The new neighbors had moving in scheduled but

had to do it on a weekday instead, or a week later.



And the guy buying the best house had to be assured the deal was really

going to go through.

Relying on the sale of another property always has some risk. And
scheduling the 3 closings within an hour is truly nuts.