Legal Question in Real Estate Law in Illinois

gift letter

when i receive a gift letter does my mother have to disclose all her banking info. ive bought homes and received gifts and dont recall this.....this broker is trying to tell the laws have changed


Asked on 5/13/08, 9:18 am

3 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: gift letter

Sounds a bit suspicious to me. Maybe the broker means underwriting guidelines have changed, but if the broker is telling you there is a new law which requires donors to disclose all of their banking information, you may want to look for a new broker.

Read more
Answered on 5/13/08, 9:23 am
George Zuganelis Zuganelis & Zuganelis, Attorneys at Law, P.C.

Re: gift letter

I concur with the previous answer. I have not heard of any law that requires what the broker says you need more than a gift letter. If you would like to explore the possibility of changing brokers, then visit my web sight at www.homeloanlawyers.com.

Read more
Answered on 5/13/08, 10:27 am
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: gift letter

I don't think the law has changed but underwriting guidelines for the banks certainly have. If you're uncomfortable with you mortgage broker, contact my office so I can help you locate a lender or broker you're more comfortable with.

Read more
Answered on 5/13/08, 11:09 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois