Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 2 months ago

I lend money (wrote her a check) to my friend that help her buying a condo.  But why her lend officer wants the copy of the check.  ?

I lend money (wrote her a check) to my friend that help her buying a condo. And the money already transfered to her account.

But why her lend officer wants the copy of the check.   I found no relation between I lend money to her.  That is between me and her...  why her lend officer need copy of the check?

Update:

She told me that lend officer saw that in her bank statement.  And the lend officer asked for copy of the check....

11 Answers

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  • 2 months ago

    It makes no sense. The money was transferred to her bank from your bank using a check. That's all they know right now. SEEING the check isn't going to change that. What they may actually need is a sworn statement (affidavit) from you that states you gave her the money without any expectation of being paid back, which would otherwise increase her "debt load".

    Asking to "see the check" is just lame.  Nothing you write on a check changes what it does: transfers money to others.

  • a
    Lv 4
    2 months ago

    It sounds like your friend is committing fraud.

    If she needs a down payment for a condo, that down payment can't be a loan. It must be a gift. 

    If your friend can't afford a down payment on her condo, what makes you think she'll pay you back?

  • ?
    Lv 6
    2 months ago

    They need proof of where the money came from.

  • 2 months ago

    Because they want to know if it is a loan or a gift.  She cannot use borrowed money for a down payment.  So if she is saying it is a gift, that needs to be proven.

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  • 2 months ago

    They need to know where her income comes from. 

  • Anonymous
    2 months ago

    "That is between me and her...  why her lend officer need copy of the check?"

    No, it's not between you and her.   If she's applying for a mortgage, the mortgage lender wants to know about ALL of her debt including whatever she owes you.

    In the USA, down payments can't be borrowed.   Unless you are willing to write a letter stating that the money you gave her was a GIFT that she does not have to pay back, she probably isn't going to be approved for the mortgage. 

  • 2 months ago

    As your friend didn't have money in place already, the lender wants to know where her money had come from, or its from legitimate sources. Your friend needs to prove where that money camr from.

    Source(s): I had to prove where my inheritance funds in my bank account came from. Same principle here
  • ?
    Lv 7
    2 months ago

    {lent - past tense}  When people need to borrow money for a down payment on a place that is a red flag that the person cannot afford the place (having 2 loans to repay at the same time). [Did you write "gift" or "loan" on the explanation line?]  Maybe they fear you will/did put a stop payment on the check (or the check will not clear your bank).  If your money helped her pay in full ... maybe the copy is just for documentation.

  • 2 months ago

    He needs to know how she got the money before he can approve the mortgage.

  • 2 months ago

    its between the bank also because they are lending her more.

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