Proof of Funds Letters

Never! Not with the company I use. Have had B of A, Chase, Wells Fargo ,etc etc. Call in on this letter. NEVER had an offer rejected because of my POF, NEVER. The POF and TF company offers to send the bank their bank statement proving I am good for the funds. They do not reveal the POF is for TF! Check my website below and watch the presentation.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Wait! The BROKER said the bank wouldn't take it?! That sounds completely illegal! The Broker is in no position to say what the bank will or will not accept - that's the BANK'S responsibility. The Broker may not like it, but that's not your problem. Make sure the Broker actually submitted your offer (not just said he did), and contact the bank directly. It sounds afwul shady... Maybe you shouldn't have provided POF letter with your offer, but I doubt that's the problem.

Even people who've been shot down for using a certain POF letter always seem to get a different one accepted no problem. If they're denying you, they need to specifically say why - "I don't like your POF letter" is unreasonable and far too vague. They may want to see a bank statement from an individual person, but they have little room to dictate how POF is provided. There are severe penalties against banks who use discriminatory or arbitrary lending practices against consumers. Get to the bottom of their problem, and have an attorney ready to attack if they say anything that sounds dishonest or unethical. Chances are, switching POF letters should be all it takes. If they want something more, or something outrageous, don't let them bully you - take them to court! Best of luck to you...

Most of the offers we make are cash offers. The bank has every right to determine the source of your CASH. If they know you are double closing a REO purchase they can decline for whatever reason they wish. No bank HAS to sell you ANYTHING!! They are lending us nothing. I don't have time for court proceedings. On to the next and the next agent.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Thanks everyone for your insight,and Michael i thank you Buddy, cause i really value everything you say,cause i know you know your stuff. Well i did submit another proof of funds and so far so good. Broker hasnt said its rejected so far. We'll see what they come back with.

Thanks so much

But so far we seem good and I just moved on from that agent. She kept trying to check into everything I was doing, because I was new and she knew this because she was already a friend of sorts. I dropped the negativity and this post has been enlightening even to me. Thanks David and Michael.