Mortgage down payment for friend question

[venkannadora]

Friend mortgage down payment ki help aduguthunnadu.

He is collecting money from multiple  friends around 80k and asking my help to use my  bank account to collect that money and wire transfer that money to the title company during closing.

Is it legal doing?

Any issues with IRS regarding audio and any taxes to pay.?

Evaraina ila chesi unte koncham info share cheyyandi vayya plz.

I want to help him but want to make sure no issues with it.

[Guest]

Nothing illegal about it. Just make sure that he pays on time. Some cases lo lender will ask about the deposit source, gift ani letter raayinchukuni close chestharu..anyway your will deal with that. 80 k collecting ante you need to think how long it takes for him to repay, that’s the only thing you need to think about

[venkannadora]

3 minutes ago, Guest said:

Nothing illegal about it. Just make sure that he pays on time. Some cases lo lender will ask about the deposit source, gift ani letter raayinchukuni close chestharu..anyway your will deal with that. 80 k collecting ante you need to think how long it takes for him to repay, that’s the thing you need to think about

Avunu bro kani adhi thana head ache. Nenu middle man mathrame. Money collect chesi thana account lo veyyadam anthe

[Pencil_Rubber]

As far as I know, you will be under scrutiny when you received funds from different accounts.... 80k koncham big amount ee.... you may get query from IRS for this amount. Koncham careful bro .... your intension to help your friend is good but you be careful

[KothaKurrodu]

Bulk amount transfer cheskovacha friends account nundi like 50k or 100k

[manchulomajjiga]

20 minutes ago, venkannadora said:

Friend mortgage down payment ki help aduguthunnadu.

He is collecting money from multiple  friends around 80k and asking my help to use my  bank account to collect that money and wire transfer that money to the title company during closing.

Is it legal doing?

Any issues with IRS regarding audio and any taxes to pay.?

Evaraina ila chesi unte koncham info share cheyyandi vayya plz.

I want to help him but want to make sure no issues with it.

Home prices falling anta ippudu avesam avasarama 😂😂😂

 

[Genuine11]

6 minutes ago, KothaKurrodu said:

Bulk amount transfer cheskovacha friends account nundi like 50k or 100k

you can transfer any amount as long as the money earned is legal

[Point]

33 minutes ago, venkannadora said:

Friend mortgage down payment ki help aduguthunnadu.

He is collecting money from multiple  friends around 80k and asking my help to use my  bank account to collect that money and wire transfer that money to the title company during closing.

Is it legal doing?

Any issues with IRS regarding audio and any taxes to pay.?

Evaraina ila chesi unte koncham info share cheyyandi vayya plz.

I want to help him but want to make sure no issues with it.

Lite teesko

[ARYA]

Arehooo..

[Guest]

26 minutes ago, venkannadora said:

Avunu bro kani adhi thana head ache. Nenu middle man mathrame. Money collect chesi thana account lo veyyadam anthe

You can help him if you want to but as I said nothing illegal about it. Nenu kuda icha ila

[sarvayogi]

just 1 month touch lo undaku ante...ee friend gaadi icchi aadu malla hand icchi malla nuvvu DB lo post lu enduku

just tell money transactions oddu mama relations padaitai

meerem pedda modi shah em kaadu ga...lite teesko

[FrustratedVuncle]

51 minutes ago, venkannadora said:

Friend mortgage down payment ki help aduguthunnadu.

He is collecting money from multiple  friends around 80k and asking my help to use my  bank account to collect that money and wire transfer that money to the title company during closing.

Is it legal doing?

Any issues with IRS regarding audio and any taxes to pay.?

Evaraina ila chesi unte koncham info share cheyyandi vayya plz.

I want to help him but want to make sure no issues with it.

If you trust your friend help. nothing illegal about it. Investment properties konetapudu chala mandi chestaru

[Spartan]

anna nuvvu illu konnava ?

 

[Gorantlamdhav]

1 hour ago, venkannadora said:

Friend mortgage down payment ki help aduguthunnadu.

He is collecting money from multiple  friends around 80k and asking my help to use my  bank account to collect that money and wire transfer that money to the title company during closing.

Is it legal doing?

Any issues with IRS regarding audio and any taxes to pay.?

Evaraina ila chesi unte koncham info share cheyyandi vayya plz.

I want to help him but want to make sure no issues with it.

Chesey evadu em peekaledu , cash kakunda everything online chey. Evadanna future lo adugutey chupetochu neeku paisa kuda labam ledu dantlo ani

[sendral_nakka]

1 hour ago, venkannadora said:

Friend mortgage down payment ki help aduguthunnadu.

He is collecting money from multiple  friends around 80k and asking my help to use my  bank account to collect that money and wire transfer that money to the title company during closing.

Is it legal doing?

Any issues with IRS regarding audio and any taxes to pay.?

Evaraina ila chesi unte koncham info share cheyyandi vayya plz.

I want to help him but want to make sure no issues with it.

 

Sorry to say, this is a shady deal and plan to avoid.

Firstly, never buy a home with borrowed money and do not lie on mortgage application. Its a federal crime.

Secondly, the mortgage company will ask you for source of funds and both you and his borrower need to show proof of income and source of funds.

A gift amount can be shown for Primary home only, you cannot borrow a single penny for investment home.

If I were you, I would look at his mortgage application and make sure everything's spelled out correctly or stay away.