Results 1 to 17 of 17

Thread: Letters from your employer

  1. #1
    Featured Member txchick008's Avatar
    Joined
    Jul 2008
    Location
    Dallas, TX
    Posts
    1,101
    Thanks
    0
    Thanked 15 Times in 9 Posts

    Default Letters from your employer

    So I've asked around and have searched a bit here on SW. I see alot of people saying that the club you work for, will give you a "letter of verification" (when renting or trying to purchase a home).

    Does this letter just state that you indeed work there? I don't see how the club can actually attest to how much money you bring in (they have no records of that, at least not at my club). In fact, I have no real records to show anything. Since I'm new, what habits would be good to start, so that I can prove my income in the next month or two?

    Also - how satisfied are potential banks/property management companies with these letters?
    Kamryn
    Add me on MySpace:
    Check out my newbie blog:


  2. #2
    God/dess
    Joined
    Sep 2006
    Posts
    7,964
    Thanks
    6,155
    Thanked 10,183 Times in 4,602 Posts

    Default Re: Letters from your employer

    Do you have any tax forms?

  3. #3
    Featured Member txchick008's Avatar
    Joined
    Jul 2008
    Location
    Dallas, TX
    Posts
    1,101
    Thanks
    0
    Thanked 15 Times in 9 Posts

    Default Re: Letters from your employer

    ^^

    Just started dancing - next week will only be my 4th week. I had a really good-paying job prior to this - but I doubt that will matter to them (?).
    Kamryn
    Add me on MySpace:
    Check out my newbie blog:


  4. #4
    God/dess VegasPrincess's Avatar
    Joined
    Aug 2006
    Location
    MKE
    Posts
    4,660
    Thanks
    2
    Thanked 182 Times in 40 Posts

    Default Re: Letters from your employer

    I got my Mustang this way....a manager wrote me a letter verifying that I earned x amount of dollars a month, and the car company called them on the phone and he verified it again. This was a dealership that did In House financing, not sure if it makes a difference.

    I also got pre approved for a condo doing the same thing, but again that was back in 05 before the market sucked and at that point there were kind of giving loans away.
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

  5. #5
    Banned i.breathe.in's Avatar
    Joined
    Sep 2006
    Location
    ohio
    Posts
    4,967
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Letters from your employer

    i just told my manager what to type im sure yours will do the same.

  6. #6
    Featured Member
    Joined
    Mar 2008
    Location
    Dallas
    Posts
    1,442
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Letters from your employer

    When I bought my house I got a letter from my manager only stating that I worked there(they wouldn't put any financial info in it) and then used my bank statements to prove how much my deposits were. I would deposit as much in the bank as you was to show you are making (if you aren't already). Then you can use your bank statements as proof.

  7. #7
    AudreyLeigh
    Guest

    Default Re: Letters from your employer

    This just reminded me of something that happened long, long, long ago.

    A dancer asked the manager for a letter about her income so she could get food stamps. And he wrote one.

    Seriously OT but really, WTF?

  8. #8
    Featured Member txchick008's Avatar
    Joined
    Jul 2008
    Location
    Dallas, TX
    Posts
    1,101
    Thanks
    0
    Thanked 15 Times in 9 Posts

    Default Re: Letters from your employer

    Quote Originally Posted by VegasPrincess View Post
    I got my Mustang this way....a manager wrote me a letter verifying that I earned x amount of dollars a month

    Did you just tell your manager a certain dollar amount to write in there?

    Also - how long do you think I should wait before asking for a similar letter? I know it's too early right now (this is my 4th week). Would you say 3 months? 6 months? More?

    With bank statements....with 3-6 months of large deposits - you think that would that be sufficent?
    Kamryn
    Add me on MySpace:
    Check out my newbie blog:


  9. #9
    Featured Member
    Joined
    Mar 2008
    Location
    Dallas
    Posts
    1,442
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Letters from your employer

    When you buy a house they will want 2 years of verified income via w-2 forms and/or bank statements, sometimes 18 months but that depends on your lender. I would think if you are renting they would want much less, but not sure exactly.

  10. #10
    Banned i.breathe.in's Avatar
    Joined
    Sep 2006
    Location
    ohio
    Posts
    4,967
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Letters from your employer

    Quote Originally Posted by txchick008 View Post
    Did you just tell your manager a certain dollar amount to write in there?

    Also - how long do you think I should wait before asking for a similar letter? I know it's too early right now (this is my 4th week). Would you say 3 months? 6 months? More?

    With bank statements....with 3-6 months of large deposits - you think that would that be sufficent?
    i was able to use summeries of bank statements for aquiring a duplex, and for getting a car along with a letter from the employer. also, if you have tax records, that can help too.

  11. #11
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Letters from your employer

    again not wanting to rain on any parades, but for a fact new regulations have been placed on mortgage lenders in regard to 'income verification' and evaluation of financial risk (i.e. the ability of a borrower to continue making payments in a worst case financial scenario). Thus what worked in the past may not work now or in the future.

    In general, dancers are classified as self-employed business persons. Thus by definition dancers do not have the same sort of 'predictable' income as say a unionized employee. These days this means that dancers are classified as 'Alt-A' borrowers rather than 'prime' borrowers. And with the expected default rate on 'Alt-A' mortgages forecast to hit 20%+, future 'Alt-A' loans will be both more difficult to obtain, as well as more expensive in terms of interest rate charged.

  12. #12
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 28 Times in 23 Posts

    Default Re: Letters from your employer

    And, the guidelines for the tax forms changed. You need 3 years of filed tax forms. Letters from employers may be used to help verify you have a job currently, but it won't get you a loan (maybe a couple years ago it would have worked, but no longer).

    If you are an independant contractor, you can show proof of earnings by showing your bank statement (banks love to see a healthy savings account with few to no withdraws and seasoned funds) and tax forms.

    Hate to rain on your parade, as well...but the days of "easy loans" are over and if you do not have what is required to get a loan, you just won't get one. Unlike a couple years ago where you could write up your own letter and as long as it looked legit, it was accepted.

  13. #13
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Letters from your employer

    the days of "easy loans" are over and if you do not have what is required to get a loan, you just won't get one. Unlike a couple years ago where you could write up your own letter and as long as it looked legit, it was accepted.
    Yup, this gets right to the heart of the matter ... the fact that dancers and all sorts of other self-employed business persons were granted past 'Alt-A' loans based on 'self-generated' income claims / documentation a.k.a. 'liar loans'. Now that these 'Alt-A' loans are starting to go into default right and left, lenders are either getting out of the 'Alt-A' loan business entirely ( see Fannie Mae announcement ), or they are severely tightening up on independent income verification PLUS down payment equity requirements PLUS elevated interest rates (to cover the elevated risk of default).

    From that standpoint, a letter from a club which states that you actually work there (this week) is of extremely limited value to would-be 'Alt-A' lenders. As Venus points out, at minimum they now want to see three years worth of past tax returns with enough declared income to prove ability to make mortgage payments. They also want to see a paper trail explaining where the required 20% down payment originated from (i.e. regular savings account deposits over a period of the same 3 years). Not only will the re-emergence of 'mattress money' for the down payment raise eyebrows at the bank, but it may also raise eyebrows at the IRS.

  14. #14
    Featured Member txchick008's Avatar
    Joined
    Jul 2008
    Location
    Dallas, TX
    Posts
    1,101
    Thanks
    0
    Thanked 15 Times in 9 Posts

    Default Re: Letters from your employer

    I am not looking at buying a home just yet - we currently rent a house, and I would be renting another place. So I assume the requirements would be much lower. As far as renting a townhome/condo....
    Kamryn
    Add me on MySpace:
    Check out my newbie blog:


  15. #15
    Veteran Member
    Joined
    Aug 2007
    Location
    florida
    Posts
    316
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re: Letters from your employer

    i haven't seen it anywhere else, but at my first club the owner was constantly coming in so as long as you weren't pissing any of the managers off he would do anything for us. i saw him write several letters. we were all pretty close so it was more like a family enviroment

  16. #16
    Featured Member Sveta's Avatar
    Joined
    Jun 2008
    Location
    here, there and everywhere
    Posts
    894
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Letters from your employer

    Quote Originally Posted by i.breathe.in View Post
    i just told my manager what to type im sure yours will do the same.
    same here. Bless my old club, they also printed it up on letterhead that had a company "code name", rather than "Club XXX" which would make it look really obvious that I worked in a strip club. When the landlord called to verify, the GM said we were club promoters. Awesome of them.
    ~'A Seven Nation Army Couldn't Hold Me Back'~

  17. #17
    God/dess shasta's Avatar
    Joined
    Sep 2005
    Posts
    2,175
    Thanks
    778
    Thanked 658 Times in 317 Posts
    My Mood
    Breezy

    Default Re: Letters from your employer

    Many times managers aren't excited to do that extra work. Sometimes they actually want to. I would write the letter, then give the manager or owner a copy and ask them to sign. Most likely they will thank you for doing all the work. Just make sure you are only writing basic stuff. If the manager wants to write the letter have an outline ready for him, he will thank you.

Similar Threads

  1. Doesn't your employer have to TELL you you're fired?
    By Mindy Bares All in forum Life Support
    Replies: 11
    Last Post: 05-03-2011, 06:57 PM
  2. Letters from your SO
    By tempest666 in forum The Lounge
    Replies: 3
    Last Post: 10-12-2010, 05:29 PM
  3. Telling your employer about dancing
    By knp001 in forum Other Work
    Replies: 6
    Last Post: 04-11-2009, 08:35 PM
  4. My full-time employer forced me to quit stripping! Is there a way around this.
    By Ayanna Len in forum Stripping (was Stripping General)
    Replies: 23
    Last Post: 06-25-2004, 01:34 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •