The loan officer came back and said, the underwriter now says you need six months of cash reserves in the bank, before closing. Thats 20,000 we hadnt accounted for up front, based on the loan officers original statement. There was no way we could pull that kind of money out of thin air. At the time of publication, Brad and Melinda were in the process of switching lenders.

They found another lender who did not require any reserves on VA loans. Frankly, he was scratching his head over the whole thing, Melinda added. He looked at our credit scores and other qualifications, and could not imagine why BofA would require so much money in reserves. I guess its true what they say.

It pays to shop around.

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I was upset, but I couldnt dispute the Wire Transfer with my Bank, in time…. to have them reverse it, and to STOP Settlement. I bit the bullet, held my breathe and KNEW I made a horrible mistake. These people committed Mortgage Fraud, and conned me out of my money, to help my Fiance get a Mortgage with MY MONEY. The Loan Officer even went so far, as to CHANGE the RECEIPT on the Home Inspection that I paid for, to make it look like my Fiance PAID for it. Subsequently, after a year…. I FINALLY got tired of fighting with my Fiance about putting me on the title to the House, or paying me back the money (like he said he would do).

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