ABSDOLUTELY STUPID New Rules

[ScubaDetector]

How to fix a dilemma. I sold some of my gold to help a daughter buy a house. Actually I am buying it but she is going to pay me back. I have great credit. I gave the mortgage company my last two bank statements. I deposited 2853.00 I got from ARA last month.

This is NOT a JOKE. The mortgage company needs me to PROVE the gold was mine. How the heck do I do that?? I gave them the receipt from ARA but they want proof I owned the gold in the first place.

I gave them my website to show what I do and that is not good enough. I could have stolen all of it. So I found out today there is a chance I won't be able to go through with a mortgage because I cannot prove I owned the gold I had melted to make the deposit.

GRRRRR. Anybody have a suggestion?

 

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[mrwilburino]

How were they even aware that the funds came from recycled gold in the first place? Did ARA show up on the bank statement?

 

[ScubaDetector]

How were they even aware that the funds came from recycled gold in the first place? Did ARA show up on the bank statement?

No. Because I made such a large deposit. they needed to know where the money came from. So I had to give them the receipt from ARA. After that they say they need proof that the gold was mine.

 

[gunsil]

You must have jerks for bank officers. Banks only need to report cash deposits of ten grand or more, otherwise they have no legal need to question where deposits came from. I have deposited more than twice what you did in cash and was never asked anything. Go find another bank, no bank "needs" to know where deposit money comes from unless it hits the ten grand threshold.

 

[Jeremy S]

Find a different mortgage company.

When I bought my home 4 years ago I used Chase bank. They nearly caused me to lose the house because of oddball requests and them dragging their feet. The seller was a day away from selling to the next offer, a cash buyer, when my realtor flipped her #$% and called up the boss of my mortgage guy's boss and let him have it. The got the ball moving rather abruptly. Looking back, when Chase began their 2 month long hassle I should have dropped them and went to someone else.

If they ask, you sold some old jewelry that you no longer wore, simple as that. As for proof of ownership, most people alive couldn't prove that they own even their own wedding rings as they probably have no records. Let them know if they can't wrap their head around that fact then you'll go with a competitor. That's what it took with Chase bank in my experience.

 

[digger460]

Tell them to prove it's not yours. I don't think it could ever be proven to be your's.

 

[Backwoodsbob]

That's just another way to find information on you. What people don't know is they have been geitherin it for a long time. Look up a company called nexus lexus. I was involved in the irs probe. Through my investigation I found out a lot of just who and what they are getting on us.

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[Deft Tones]

They consider less than 3 grand a 'large' deposit? Just stupid.

They're jacking you around. Find out who and cause trouble for thier insolence.

You could have been a panhandler and earned that money! I'd be hot! Everyone would know it too. They're asking you to prove you're not a thief! Oh, man.... bitter irony.

Got to remember this didn't happen to me, but I'm still boiling inside.

Good luck, man. Give them hell!

 

[Tom_in_CA]

... but they want proof I owned the gold in the first place.....

The bank is right. You DIDN'T "own the gold in the first place". You violated your state's lost & found laws, to even have it in the first place. What's not to understand ? Look up your state's lost & found laws, and you'll see that whenever you find something over a certain dollar value (usually $100 to $250, depending on the state), you were to have turned it in to the police dept. lost & found. Then after 30 or whatever days, if no one claims it, THEN you get to have it.

Certainly you saved those receipts from the police dept. , showing that you now are the legal owner, right ?

 

[Tom_in_CA]

Love your posts Scuba !

 

[Escape]

The bank is right. You DIDN'T "own the gold in the first place". You violated your state's lost & found laws, to even have it in the first place. What's not to understand ? Look up your state's lost & found laws, and you'll see that whenever you find something over a certain dollar value (usually $100 to $250, depending on the state), you were to have turned it in to the police dept. lost & found. Then after 30 or whatever days, if no one claims it, THEN you get to have it.

Certainly you saved those receipts from the police dept. , showing that you now are the legal owner, right ?

True but I assume he found it all on his own property. shessh

 

[Terry Soloman]

I'll send you a "Bill of Sale." just PM me with all your info and the amount you want on the bill. Problem solved.

 

[HenryWaltonJonesJr]

Same this happened to me after I sold a Domain Name and deposited shortly before purchasing a home. It was easy to come up with the paper trail thankfully.

I'm sure they have to have a checkbox for like sold heirloom jewelry or something!

 

[Keppy]

Well if you are going to make a deposit i found out the best way to do it is make a lot of small deposits under the rule of were it came from. Then make them one week at a time and then there is no questions of were the money came from. I found out a few years back when the bank pulled that on me . After that just small under the rule deposits that they check on and it has worked for me..

 

[Keppy]

Find a different mortgage company.

When I bought my home 4 years ago I used Chase bank. They nearly caused me to lose the house because of oddball requests and them dragging their feet. The seller was a day away from selling to the next offer, a cash buyer, when my realtor flipped her #$% and called up the boss of my mortgage guy's boss and let him have it. The got the ball moving rather abruptly. Looking back, when Chase began their 2 month long hassle I should have dropped them and went to someone else.

If they ask, you sold some old jewelry that you no longer wore, simple as that. As for proof of ownership, most people alive couldn't prove that they own even their own wedding rings as they probably have no records. Let them know if they can't wrap their head around that fact then you'll go with a competitor. That's what it took with Chase bank in my experience.

Chase Bank i quit them a long time ago those people at Chase are nuts.

 

[Bramblefind]

I think the mortgage bank just wants to cover their bases and needs a paper trail to show that you didn't get the gold/money from the seller of the house i.e. that you didn't receive a kick back from the seller which served to inflate the reported purchase price.

If you write out your story and sign and perhaps consider getting the statement notarized ("swear this is true under penalty of law" or something to that effect - this would really just be for show but it may do the trick) I think that should do it. Do not give too many details while still being truthful and plausible.

Show it to your mortgage originator first so that they can clear it and make sure it should pass the test before it goes into the official underwriting file.

 

[Tom_in_CA]

....If you write out your story and sign and perhaps consider getting the statement notarized ...

Well ... as long as the bank people agree with the "finders keepers" notion of md'ing. I wonder what would happen if someone there rejected the "story" because technically the stuff didn't belong to scuba ? Unless, of course, he went through proper lost & found procedures.

The average person will not think for a minute that any md'r "trots down to the nearest police station" after each ring find. Heck, I bet even most LEO's aren't even aware of those laws. Born out of wandering cattle laws of the 1800's.

 

[boogeyman]

SHOP AROUND!!! Not too sure this holds true today or not. My dad was a bank manager. He explained to me that the banks have a quota system. If you walk in trying to get a house loan with 5 star credit & 5 million in your account and there at or above their quota no way in hell you're gonna get that loan. If they were below the quota by a bunch I could walk in with $25 in the checking and a credit score of 125, I'd have that loan so fast my head would swim. Same bank same 5 star 5 mil, same visit you're asking for a car loan and they're below, you're getting the loan!The bank or loan co. you went to isn't the only game in town! Shop around and I'm positive you'll find one that wants your business if they need it.

 

[Bramblefind]

Well ... as long as the bank people agree with the "finders keepers" notion of md'ing. I wonder what would happen if someone there rejected the "story" because technically the stuff didn't belong to scuba ? Unless, of course, he went through proper lost & found procedures.

The average person will not think for a minute that any md'r "trots down to the nearest police station" after each ring find. Heck, I bet even most LEO's aren't even aware of those laws. Born out of wandering cattle laws of the 1800's.

Yes they might be confused by it and not like it. It's best to be vague and not go into the metal detecting part of it imo. Something like "scrap gold I accumulated from various places over many years".. still no guarantee. It's up to how the bank underwriter is feeling that day when they review it.

That's why asking the originator first to try to get the statement an unofficial review might be helpful.

 

[ScubaDetector]

I am going through Quicken Mortgage. I was told Obummer tightened the anti money laundering laws. The bank has never given me a problem it is the mortgage company. It is already at their underwriting and I might not be able to get the loan because of the deposit.

Tom, of course i turned it all in to the police!! Unfortunately even with the gun I gave them they never gave me proof of ownership. They just gave one gun back after a year and a half. Well maybe I just told them about some of it?

I gave the bank a grand earnest money in cash I had also. I just took it to the credit union here and got a cashiers check for it. Found out yesterday that was also not allowed because of the federal laws. I had to take it out of savings yesterday and get another cashiers check, give it to the realtor and they had to write me a check for the first grand I gave them.

You are NOT allowed to have cash to buy a house or you are a drug dealer.