:cool
HEY i was just wondering what some of you are thinking on this poof of funds stuff ?
YOU know rent some money and fool the mortgage compy or something like this ?
I see them more now then i ever have and some of them are a bit spendy
WE will put some funds in a account for you for 30 days and when your deal is done you have to pay 6 % for the use of the funds
Some say things like for us to do the bank account set up and the funds in the amount of 200K it is going to cost you 7,000.0 to 10 ,000.0
Is this not all most like the credit game with some of the bosst your credit by being a person on some ones elses good credit ??
So as i said above you can B. S. the loan compines
Just was wondering the groups thoughts … and has nay one used this stuff ??? What was the turn out on your deal if you had ??
When I applied for a mortgage last year, I had just closed an ING account and moved all the funds to my credit union account because the rate was better. When I sent the loan officer a copy of my most recent statement, they were able to see the large deposit and questioned it. I had to provide a copy of the old ING statement to prove that I did not “rent” the funds.
With this in mind, I don’t think this would work unless one were to hold on to the funds and let them sit in an account long enough to avoid suspicion.
typically your funds will have to be seasoned for 30 - 60 days depending on the lender. I dont see how this could be feasible unless the deal has huge equity spread. What I have seen is people leverage lines of credit to increase their liquidity. Such as putting 10k in a CD and get a 20k line of credit. Take that 20k LOC and turn it into a 40K LOC. Eventually you have a pretty large chunk of cash. A guy here in Dallas that I know is investing in precious metals right now using this method. He advertises in the penny papers that he lends cash for gold and silver. It works pretty well for him.
I assume this all has to be done at different banks?
:cool
From what i am finding out is they set up a bank account for you and put in the account xyz amount
This is set as to what fee you pay and then i am thinking you tell the laon people or whom ever it is like a cd or something
As you can not remove the funds and can not do any thing but let them sit there
It is sounding more to me like some kind of insurance ?
It sounds to me like fraud. You are claiming to have funds in an account that belong to you but you are only renting the money. Not to mention where are you supposed to get the cash to pay back the 7-10K that you are being charged for use of the money.
:cool
This is what iam wondering about this whole proof of funds thing
As you are having to pay like i said a fee for this account to be done
but it all is like as the saying goes smoke and
Has any one ever done this used this proof of funds thing ?
As i did some looking around the net last night and there is alot of places offering this service
I also see it as fraud. If the funds are not yours, they should not be used as reserves. It sems to me that a bank could have grounds to call the loan and even press charges. There must be another way. Why not do some bird-dogging, flipping etc… to generate some ACTUAL cash reserves?
:cool
Understand this is not me wantting or is going to use this
It is just something i have seen showing up around the boards and real estate groups of late
And was just wantting to get more information if there was any to be had outside of all the places listed as a pof places on the net
I agree with the posts if it is not yours it is fraud to charge you afee for it no matter what you call it
Some are even placing adds saying RENT OUR MONEY
Has any one seen these adds ?? They are for the same thign pof adds in a anaother name