“YES, You have to Source Large CASH Deposits”

“YES, You have to Source Large CASH Deposits”

 

 

Anyone in the mortgage business will cringe when we are told “we deposited $25,000 in cash last week”. Of course I need to ask where this money came from, “it was a gift from my parents”. You can’t be doing stuff like this as it creates all kinds of problems, including Big Brother is watching.

 

Sure, we know that cash deposits are done all the time, there are all kinds of Federal laws and agencies that take notice when large deposits happen. Sure we know that this was done with all go intension, but I can’t do a pre-qualification at this time, as we need money to purchase, but these cash dollars can’t be sourced.

 

Fortunately, waiting a couple of months isn’t an issue, as they do not have a property in mind. A couple of months from now, they will be handed the pre-qualification.

 

Would you have done anything differently?

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 27 commentsJoe Petrowsky • October 10 2015 03:50AM
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