How do I verify Non-court ordered child support I receive to a lender for a mortgage loan?
I am trying to obtain a mortgage loan and government funded down payment assistance. I was told that I would need to explain any deposits made in to my bank account that are over $300. I deposit my son’s father child support payments (non-court ordered) every two weeks when I receive them and he has been paying me like this for almost 3 years. The lender explained that I would need to show proof that it will continue for another 3 years. That sucks! They will not take that income into consideration when processing my loan and will only use the income I bring in from my employer…stupid to me…my employer can’t even freaking guarantee that I will be employed for the next 3 years!! Anywho, I digress. Does anyone know of a way for me to explain/verify this to the lender and government agency I am receiving the down payment assistance from? I don’t feel that a man has to be taken to court if he is already being a responsible parent!!
Mark posted: 31 Aug at 4:13 am
Talk to the father about the loan and ask him if he would sign a note saying that he will continue to make his child support payments? xD
rsriram_1999 posted: 31 Aug at 5:08 am
by showing your tax return for 3 years supported by bank deposit statements.
Mike posted: 31 Aug at 5:45 am
Have him sign a notarized letter stating when and how much he gives you, then give it to them. Piece of cake.
Charles G posted: 31 Aug at 6:02 am
there is no way you can guarantee that you will receive any payments,because of so many things that can go wrong,like death, just to name 1
ibu guru posted: 31 Aug at 6:41 am
Since it is not court ordered, he is under no legal obligation to pay that amount. The only solution is for the two of you to get an attorney, draw up a legal agreement for child support that meets your state’s legal requirements, both sign it, and have the attorney submit it to the Family Court for the judge to sign it as a court order.
As long as there is no legally enforceable (ie. court ordered) obligation to pay, the bank/lender CANNOT use it in calculating your income to qualify for a mortgage. The bank has no choice in this matter, so stop blaming the bank!
Lakerman posted: 31 Aug at 7:38 am
Not a problem! Have your X sign this letter of intent;
I, so and so, having been married to her, from that date to the date of our divorce and have provided non-judicial child support arising from our divorce in the amount of $300.00 monthly since the divorce and further intend to continue such payment in like amount for a period of time exceeding three years from this date, for the benefit of my children, to be expensed as deemed necessary by your name.
Now, that should do it and there is no legal obligation on your X to continue such payment, but remind him you could go to court if necessary, he should go with this. He sounds like a pretty good guy to pay anything without a court order!
Now, provide the past three months of your checking account statement to verify deposits in like amount. If not paid in that amount, change the monthly accordingly so that his intent to pay matches what he has paid in the past. Good Luck