Letter of Persuasion to Bank
Has anyone heard of a letter of persuasion to the bank, while applying for a mortgage, to explain to the bank why you want to buy a house? A family member is required to write such a letter for each of the applicants. It sounds very odd to me. We have many mortgages for various…
Has anyone heard of a letter of persuasion to the bank, while applying for a mortgage, to explain to the bank why you want to buy a house? A family member is required to write such a letter for each of the applicants. It sounds very odd to me. We have many mortgages for various family members and noone has ever been asked for anything like that. Any thoughts?
this sounds very off, and sounds and smells fishy.
i would walk away from the bank and loan officer, just sounds very odd.
sometimes they want a letter of explanation for various things, but not why you are buying a house and letters of recommendation.
if you need any help ill be glad to advise.
thanks
ClintonHill, I hope your relative does not get scammed. Maybe this is not really a bank but someone posing as one.
It did sound odd ball to me, which is why I wanted other opinions. I spoke to a friend who is a loan officer at a local bank. He’s never heard of such a thing either. His opinion is that perhaps the bank does not want to close on the loan and therefore is putting them through the circus hoops hoping they’ll get discouraged and abandon the loan.
I agree with you that it is not uncommon for co-op applications to include motivation letter as new tenants are joining the curent tenants in sharing the responsibility of the building. Most people want like-minded neighbors.
My suggestion to my family member was to start a new application else where in the interest of being able to close the deal. At the very least, start the inquiry. they are not taking my advice. This week marks the beginging of the third month into their application. I am waiting to see the next set of hurdles this very unprofessional bank puts in front of them.
I have never heard of such a thing. And family members writing for each applicant? Sounds completely silly.
The only thing that even sounds close is the personal and business recommendations you have to include with coop applications. That’s for the board of the coop, not the bank.
What is the point of having a family member write a letter for each applicant? Wouldn’t the applicants write one letter together themselves? And why do they need to explain why they want to buy a house? What bank is this? Sounds like someone is pulling your leg.