My Husband and I sold our house in April and split the money we made from the house into our own personal accounts . (we are separated , going though the divorce process)
I am now going through the home buying process, and my agent wants a Gift letter from my husband explaining the money .
Is this necessary since I received the money from something I sold that I owned ? Also – I have had the money for 6 months now, way before I even contacted NACA.
Sometimes its so much easier to just give them way they want. You dont want to delay anything. Believe me we have all asked is it necessary to do this or that and end the end…you end up doing it anyways. Good luck.
Naca will look at everything from the last 12 to 24 months regardless of when you join or contact naca. Because the money did not go entirely to you your husband would need to be involved. Even if it went entirely to you anything that is above approximately $100 and is not a pay stub or directly from your employer will likely need documentation and/or a letter of explanation which it sounds like you are being asked for both. You will eventually almost certainly need to provide documentation that shows your name has been removed from the deed and replaced by the person you sold the house to.
I do not claim to be a lawyer nor am I qualified to give legal advice but, you definitely want to look into the local laws of your area. Many states and municipalities consider a house bought before the divorce is finalized to be common property and may sometimes require the separated spouse to be on the deed and entitled to half regardless of the vested financial interest or lack thereof. Just something to think about.
Honestly that sounds really odd. My counselor asked me for 3 months of bank statements so why is yours going back so far? It also is not a gift so I would be uncomfortable having someone right a letter saying it was. I would ask if your own LOE along with the closings docs showing you kept half the proceeds from your home sale would suffice. I suppose if he is willing to write it that should not be a big deal but it is very peculiar.