Beans, Bullets, and Bandaids.

Hey Mario, You are experiencing the samre thing most of us have when buying that first home, regardless of when. I went throught the same BS 30 years ago. I am actually going to buy another home in the next few months and I just let my wife handle it cuz I would lose my temper real quick and just make someone else angry.

It is unreal how they can concentrate on a cash deposit that you know is legit and you feel should be no problem. I learned long ago, from my own experience and from my clientle: If you get a large amount of cash, don't do anything that will create a paper trail. I once took out $900 from a savings account to buy something, don't remember what, but I didn't buy it, I spent $300 and then re-deposited the other $600 and I swear, I thought they were going to call the IRS for a full audit!

My wife and I have owned a small business for 30 years. In the early years, we would pocket a little cash here and there if we recieved it for hand printed invoices. As time went by, we became paranoid and quit doing that. I still have a lot of customers that I know don't report huge amounts of cash. If you look at what we do, before any write offs, .48 cents of every dollar we earn goes somewhere but our pockets, so can you blame any business person for wanting to hide cash?

You'll get through this crap and will know what to look out for next time, and can advise your friends and family. Just remember also, it isn't just the mortgage industry that will stick a probe up your ass. In finances your always guilty till proven innocent.

Good luck and enjoy your new home. You getting a hell of a deal. I unfortunatley, am on the other end of that deal with 2 houses we spent a ton of cash on remodeling right before this "adjustment" period.

Something I learned dating an underwriter a long while back... it's a rare thing if they have all their marbles in the right jar.

Originally Posted by magic rat

Hey Mario, You are experiencing the samre thing most of us have when buying that first home, regardless of when. I went throught the same BS 30 years ago. I am actually going to buy another home in the next few months and I just let my wife handle it cuz I would lose my temper real quick and just make someone else angry.

It is unreal how they can concentrate on a cash deposit that you know is legit and you feel should be no problem. I learned long ago, from my own experience and from my clientle: If you get a large amount of cash, don't do anything that will create a paper trail. I once took out $900 from a savings account to buy something, don't remember what, but I didn't buy it, I spent $300 and then re-deposited the other $600 and I swear, I thought they were going to call the IRS for a full audit!

My wife and I have owned a small business for 30 years. In the early years, we would pocket a little cash here and there if we recieved it for hand printed invoices. As time went by, we became paranoid and quit doing that. I still have a lot of customers that I know don't report huge amounts of cash. If you look at what we do, before any write offs, .48 cents of every dollar we earn goes somewhere but our pockets, so can you blame any business person for wanting to hide cash?

You'll get through this crap and will know what to look out for next time, and can advise your friends and family. Just remember also, it isn't just the mortgage industry that will stick a probe up your ass. In finances your always guilty till proven innocent.

Good luck and enjoy your new home. You getting a hell of a deal. I unfortunatley, am on the other end of that deal with 2 houses we spent a ton of cash on remodeling right before this "adjustment" period.

Wow, yea haven't heard anything from them this morning. GL on the new next house to you as well. I'm being as patient as possible with these people, but I'm starting to get extremely pissed at these people.

Originally Posted by te72

Something I learned dating an underwriter a long while back... it's a rare thing if they have all their marbles in the right jar.

rofl, that's not good to know...

As mentioned, this is pretty typical bullshit in the home mortgage underwriting industry for standard mortgages. Back before things fell apart, you could get "no documentation" or "low documentation" loans and pay a slightly higher percentage, but not anymore.

Originally Posted by te72

Something I learned dating an underwriter a long while back... it's a rare thing if they have all their marbles in the right jar.

Yea, I suspect that's pretty common with them, they ask the most idiotic questions.

Originally Posted by Supracentral

As mentioned, this is pretty typical bullshit in the home mortgage underwriting industry for standard mortgages. Back before things fell apart, you could get "no documentation" or "low documentation" loans and pay a slightly higher percentage, but not anymore.



Yea, I suspect that's pretty common with them, they ask the most idiotic questions.

Wow, I can see if it was something like this, but this is a basic 30 year mortgage loan. This has been a hell of a trip though, at least I know what to expect next time.

Originally Posted by Supracentral

Yea, I suspect that's pretty common with them, they ask the most idiotic questions.

Surprisingly, this gal was pretty smart, all told. Was a chemistry major... fun times while that lasted.

Mario, you'll have to update this on how the colonoscopy with the bank goes...

Originally Posted by te72

Mario, you'll have to update this on how the colonoscopy with the bank goes...

Yea, I'm hoping they have everything in order, tomorrow at noon is supposed to be the closing date for this week...we shall see how that goes.