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 Replies: 34 / Views: 2,453 |
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Pillar of the Community
United States
1476 Posts |
I'm in the middle of purchasing a home with a local lender whom specializes in VA and FHA mortgages. Things have changed since my last run through the mortgage system in 2002...by signing an authorization and producing my "real I.D. drivers license" the lender had before them in seconds my income and gross earnings information that frankly shocked me. Remember when you had to produce leave and earnings statements and 3 years back tax statements bank statements etc etc. Thats all available now in seconds. Did I know this? no did I provide any of this? well not that I'm aware of.
A.I. is alive and well i.m.o. I'm at the boomer cutoff who never had a : Twitter Facebook or any of those social media things ever...period! Yet pretty much even everything except boxers or briefs is out there if I simply let a lender scan my real I.D.
Now for the warning this is only my experience not anyone else's but its real to me whether perceived or not.
So closing costs are approximately 5K I say "no sweat" I got it and will produce it when time comes. The interrogation began:
1. By law "we" have to know where the 5K is coming from my response "no you don't its under threshold of 10K" don't worry I will have it.
2. No you cannot simply bring in 5K and deposit in your account "we" have to know where your closing costs came from or "no loan" you cannot simply bring in 5K from nowhere.
3. I see, ok from selling of stock then.
4. "We" have to see your balance statements. I ask are you serious? "Yes".
6. OK then I'm selling precious metals to a broker. "What? I need to call corporate officer and get permission to accept that type funding".
I rattled off the standard party line about our state law regarding precious metals taxation of selling buying of etc etc. It didn't matter I was dealing with someone whom had absolutely no concept of bullion my entire loan was in question because I admitted I would provide 5K from sale of metals. It gets better wait for it.
They call corporate office, thankfully someone there had some concept of bullion and "authorizes" me to provide 5K from bullion sales if I can produce a statement of sell bill. This is real people I am not exaggerating. I'm retired Military I give "the Man" his tax cut grudgingly but let me tell ya its likely that 1. If I couldn't prove I've paid capital gains taxes on bullion and 2. Couldn't produce a bill of sale on bullion then my lender would have bailed.
I'm rethinking my entire method of stacking. My gut tells me to stack nothing but U.S. issued constitutional metals so in the event of a reset at least "I may" have some protections. My impression of the loan officer they had suspicion and questionable character thoughts of me just because of the issue of "cash and bullion". I doubt 3% of Americans have any concept of private bullion ownerships. Its frightening to me and you know in my gut something tells me "if the Man" wanted to he could shut it down.
So if anyone who stacks thinks they can move said stack into mainstream commerce at the snap of a finger well good luck.
Because I claimed "sell of precious metals bullion" on my last 5 years taxes and I have receipts I'm getting the loan...But! so much for privacy.
Its seeming like 1984?
5.
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Pillar of the Community
United States
7273 Posts |
It's not so much a war on cash as the government wanting their share. I'm doing a kitchen remodel, the contractor asked for cash and I was fine giving him cash. Called my bank told them I needed cash for a contracting job and they had no issue. Now if I was buying a home I would say I have $5000 in my savings and I'll use that, if they see a $5000 deposit just say it's cash I had on hand. I like to have cash on hand. If they ask, just tell them it's savings. That's all they need to know, saying I'm selling bullion etc caused red flags.
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Pillar of the Community
 Canada
1759 Posts |
@ luvmyCAM Your experiences are very, very interesting and a more than a little bit worrying.  Edited by Sharks
03/26/2024 4:38 pm
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Valued Member
United States
240 Posts |
My daughter was being sued by her ex mother in law after her ex died, she visited her lawyer and in seconds he had her home deed, quick claim deeds, divorce papers, ex`s police record, the law suit, ex`s will, ex`s grandfather`s will, and marriage cert displayed on 3 computers on his desk. It was amazing how fast he knew everything he needed to get the suit dropped.
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Bedrock of the Community
United States
10029 Posts |
I have been watching this creep in now for years. Quote:
Its seeming like 1984 Today we are just about living in the America that Kruschev bragged they would bring into being through infiltration. It has been 1984 for awhile now. The constant monitoring is a reality with cell phones constantly reporting physical location. Many people are still unaware Alexa, in their homes, is always on and hears everything that is said. This was questioned years ago and denied until it was proven so and shown as fact online. Now the company openly tells you Alexa is always on and listening to everything said. People are wooed into the idea by the company saying they have to have it always listening to them so Alexa won't miss them talking to it. AI is being used to mine data even more. Privacy is gone and has been for awhile now. Meanwhile the masses have been programmed not to fear loss of privacy and handed it over willingly through the use of fun to use tech. How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Pillar of the Community
 United States
1476 Posts |
There was an account on YouTube called "silverstacking 101with ST" who coverd how he uncoverd hidden precious metals cash stocks bonds etc during legal disclosure suits. He hasn't posted in 2 years but he coverd the world of legally and privately: buying selling storing distribution selling silver and metals. Also interspersed with some very profound predictions of various issues in stacking (were there he predicted this). At the time (most vedios are 5+ years old) they seemed fringe "prepper" and slightly radical...then he coverd use of debit cards etc buying from bullion houses and how he was able to connect the dots in disclosures disputes and bring forth hidden assets defendants had denied any existence of. The man is no pumper knows what he's talking about I highly recommend viewing before their wiped from the BoobTube. Nothing he advises is illegal. Good discussion on safety deposit boxes and storing at a bullion facility also...their not so safe from liens or suits. Frankly I understand now how it works you have to buy private hold private and sell private all perfectly legal yet frowned upon my commerce? Next time more careful thought will be used, I'm on the up and up but I don't need the privacy bullion police in my business again. Guilt by association phenomena or something? Definitely revamping my metals approach with more careful thought.
Edited by luvmyCAM
03/26/2024 7:22 pm
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Moderator
 United States
187446 Posts |
I am glad my house is paid and have no plans to move.  The amount of information on us out there... it is scary. Quote:
...just say it's cash I had on hand. I like to have cash on hand. If they ask, just tell them it's savings. That's all they need to know... This.  |
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Valued Member
United States
311 Posts |
There may be more info that is not mentioned but the loan officer has a point. He has all checking and saving bank statements, all 1040s, all brokerage accounts and he doesn't see an extra 5k. Of course he has to ask where is it coming from. Your least troublesome answer would have been like jbuck said and even that raises red flags as it is not common for anybody to keep that much cash around. Banks are paying 5%. Now you have a check mark by your name like Ellen (from Seinfeld) every time you go to the doctor. The use of cash in Sweden is now down to about 10%. The population as a whole now view cash transactions with suspicion. Quote:
"So if anyone who stacks thinks they can move said stack into mainstream commerce at the snap of a finger well good luck." This is an eye opening thread and should be pinned! Probably why buffalos always have that little extra premium. |
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Moderator
United States
187446 Posts |
Quote:
...it is not common for anybody to keep that much cash around. Banks are paying 5%. Counterpoint... The interest rates have only recently gone up to these levels. It could very well be a case of, "I have $5k in my mattress. Do I put into savings now that rates are paying or finally make a move on that house before rates get higher?" That being said, it still may raise flags, although far fewer than the other options would. |
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Pillar of the Community
United States
7273 Posts |
Quote:
...as it is not common for anybody to keep that much cash around. I disagree with you, lots of people have thousands of dollars around. And having money at home, in a safe or safety deposit box is never an issue. A lot of people that have money will just pay the house in cash. So there is no mortgage. If you've been (like jbuck and I) in our home for a long time, chances are that its paid off. Heck I paid my house of 10 years ago. And I also have no interest in moving. Staying put in the same house we purchased when we were newlyweds gives you lots of equity to pay cash for the next house without any mortgage loan or asking where the money came from. Edited by hfjacinto
03/27/2024 1:42 pm
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Valued Member
United States
311 Posts |
Any transaction involving a large amount of cash is open to scrutiny as well it should be. Just because you don't need a mortgage, they will still demand to know where the cash came from. And you better have all your "i's" dotted and your "T's" crossed.
The bigger question is, you buy PMs, or R.E. or stocks to keep up with the ravages of inflation and to avoid the depreciating greenback, why keep a big pile of them in your mattress?
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Valued Member
United States
450 Posts |
The really sad part is that 5K isn't that much money any longer.
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Pillar of the Community
United States
3342 Posts |
Agreed AES. $5000 is a typical check for taxes. The government doesn't ask where the money came from, and I've never seen checks that post faster than tax payments. The car dealer didn't ask where funds for the $33,000 check for the pickup came from. Bullion dealers discount for cash.
Sell the bullion, deposit the proceeds in Chase, and write the mortgage company a check. No one questions Chase as a source.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
03/27/2024 6:23 pm
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Moderator
United States
54280 Posts |
A mortgage is different. They are gambling on you actually being able to afford to pay back the loan and the interest. If the source of the $5,000 is an amount borrowed (from anyone), then your ability to pay back the mortgage may be jeopardized. What they are really wanting to know if the source of the $5,000 is something you don't have to pay back to someone. It can be a gift, sale of stocks or bullion, from a particular savings account, cashing savings bonds ... etc., anything but another loan. People will actually borrow the money, but lie about its source.
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
United States
1476 Posts |
Yes in my mind producing $5,000 was not worth mentioning so mentally blew it off during conversation until whamo! the questions started to bug me and I let loose lips sink ships by stating " I'm selling some bullion". The loan officer as I stated showed no knowledge whatsoever about the concept of bullion as legal private wealth. I'm dealing with late 20's early 30's bank managers and vice presidents happy smiley fast fast fast until they hit a bump like me then it "does not compute". Lesson learned I do have Chase and one of my checks go there in future will deposit any coin or bullion proceeds to chase then have them wire the monies to my mortgage bank. VA loans are guaranteed for $36,000 out the gate yet here in my city only 5 banks out of 18 want to do FHA or VA and of those 5 only 2 have step this way sir attitudes over a VA loan. This is going to likely be my last house once I'm in then a couple years later will ditch these clowns and go with a bank that holds the mortgage in house. I tried going conventional with a warranty deed to 5 connecting lots all 5 zoned residential and a CD for collateral and was advised "not intrested" apparently there money is selling your loan? Anyways ditching the credit yoke in 2007 has felt good but now thats its mortgage time my anonymity comes with a price a 720 credit score and lackluster lenders. I still say I'm in the game until my loan closes then its back to keeping one credit card so my home car insurance stays low. I digress...its a dog eat dog world out there in high finance I'm watching the peanut gallery and still going to stack but only ASE's and U.S. minted 90% oh thats another subject let's just say I want something that says U.S. and 1 5 10 or twenty stamped on it. All good comments I'm preaching to choir here seems everyone gets my theme. Appreciate the opionions. The house I'm buying is built of native limestone quarried from the flint hills in the 1870's and shipped via mule teams 4 miles to location. I bet the settler who built it used cash on the barrel and yes am going to take a bobcat and skim the top 1 foot of soil pile it and get artifacting and not kidding one bit. Edited by luvmyCAM
03/27/2024 9:14 pm
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Pillar of the Community
United States
3342 Posts |
I forgot about bank direct deposits of paychecks, pensions, annuities or Social Security. Will showing $5000 worth of those satisfy the lender?
I haven't bought a mortgage in 20 years. The major source of downpayment cash for all but the first one was the sale of my previous home.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Replies: 34 / Views: 2,453 |
Posted 03/26/2024 4:31 pm
