I have two words to describe a guy like you: PAY PIG.
I'd love to high-five the dancer you sign that check over to.
Me next! :highfive:
Printable View
The bank may be getting defrauded if she is lying to them on the mortgage. It appears she doesn't want the bank to know that she has to get a "loan" from someone else to make the downpayment.
My guess is that if there is actually a mortgage she is planning on depositing the check into her account, getting a loan she really doesn't qualify for, and then stiffing the OP since it was a "gift".
Never "loan" money that you are not willing and able to never see again.
I received a "gift" down payment from my in laws when I was applying for my first mortgage. Simply writing gift on the check wasn't enough for the bank, they had to supply a notarized letter declaring the sum as a gift.
No, I know what he means here. The money for the down payment can't be loaned from an outside source, even a "friend" or family member. The mortgaging company will not consider that an actual down payment, since it has to be repaid, and will not likely give the mortgage loan because 100% of the unit is being financed.
If it is a "gift" and doesn't have to be repaid the bank will count it as a true equity share against the loan and thus the mortgage lender is lending some percentage less than 100% [usually they like to see at least 20% in non-FHA secured purchases].
I'd never borrow money from anyone-especially a customer. I don't need people holding things over my head, and "owing" them just for lending the money..money causes problems across the damn globe if you haven't heard lately-let alone in the club. And FYI, marking gift in the memo (obviously wouldnt hold up in court, shes defrauding the bank..or not wanting to pay taxes on income..whatever the case, shes screwing over someone/something) and the amount being in the upper 4 digits (i'm guessing a bit below $9999?) because 10,000+ is taxable income, and can't be considered a gift. Either way, you're screwed, either out of your money, by the IRS, or both.
No, $10K+ deposit, the bank is required to send a report to the IRS, form 8300.
A gifter cannot gift more than $13K a year without going over the limits of his annual gift exclusion, and might have to pay gift tax. That goes towards a lifetime exclusion too, so if he's given over $1 million already, he has to pay additional tax.
"Neither a Borrower nor a Lender be...for loan oft loses both itself and friend"....(Hamlet - William Shakespeare).
Customers have given me cars and stuff and other prizes but I would never borrow money.
If you write "gift" that is evidence in a court of law that she doesn't need to pay you back.
It could be for taxes too but that sounds iffy.
She can't wait or arrange to make the payment in a month?
If she's buying a house she cannot arrange the payment after closing. And realtors will only hold a listing for a certain amount of time (3 weeks?) before they think you aren't good for it and will put the listing back on the market. So if she has the perfect place in mind, she'll need to put some money down to reserve it, and have the down payment in place before she closes.
Ask her what type of loan she's getting. If she's applying for an FHA - and I'm guessing that if she's asking for "high four figures" that's about it (assuming she has any intention of buying a house) because it takes about $7k down on a $200k mortgage with an FHA, any other loan requires MUCH more down - then they would not accept you as someone eligible to give the gift anyway. They WILL require notarized papers tracking where the gift came from, and if it's not provably from a family member, they won't accept it and the loan will not go through.
BTW - I just bought a house, on an FHA loan, 60 days ago, and was happy/surprised to receive a gift that covered most fo the down payment from MM's stepmother. Because we are not married yet and thus she is not "actually" family, it was HELL to get it allowed (but we were able to).
I hope it works out OP - good luck with that. All indications are that it's not really for a house, and that you'll never see the money again, or might only see a small percentage back.
Never lend what you're not willing to lose.
I've never asked a customer for a loan. They can either give me the money or I can make it myself.
Also, I can't resist adding that I don't think she is going to pay you back. Any girl who can sink low enough to ask a customer for that much money is able to sink low enough to lie and steal his money.
You mean the check that you are writing "gift" on? "Loan" is just as good as "gift" from a tax standpoint (neither are income below 10k), so the ONLY reason that she is asking you to use "gift" is to ensure that she is well positioned to stiff you.
Is this a gag post? Can anyone who is able to piece a couple of sentences together really be this naive?
If you really want to be sure, draw up a simple loan agreement. It is easy and can be scribbled on a piece of paper. There are also free samples floating all over the Internet. You could set payment terms and, if you were not payed by the due date, start accruing interest. This would also, of course, allow you to sue her if she tried to stiff you.
But oh, let me guess, doing something so formal would make her feel like you don't trust her, or maybe would cheapen such a deep friendship ;)
Well when I was younger and dumber I paid for a dream dancer lady's divorce, and a big down payment and cosigned on a car for her. I didn't really expect anything but she was the hottest lady I ever knew. She drag raced with the car, had a big accident and her ex husband torched the car and reported it stolen. The finance company threatened me butthe balancet was covered by the insurance. This was all before the first payment. But she gave me the best sex of my life so I would do it all again.
"gift" tag was for the bank, nothing to do with the tax man.
Not a gag post -100% true
Yes, your last statement did cross my mind, but i opted not to have anything written for the reason you stated.
But for the record, 2/3 of the "gift" has been repaid, balance is forth coming within the next 2 weeks.
^So YOU were the one who actually got paid back after loaning money to a dancer who requested it. I heard that such an animal existed, but until now I thought it to be an urban legend.
Well, just call me a cynic and good luck :)
That happened in the late 70's and it was a whole different thing. Girls worked at strip clubs as a career. They didn't have all the rules like they do today. You could hang out with a girl outside the club and it was no big deal. Actually the girl I helped ended up helping a couple guys open a new club in Chicago and yep she ended up living with me for four years. I think since big money is involved now the hiring criteria has changed to favor girls who are just there to make money and not party.