Loan taken by father and transferred to me is acceptable as POF ?

[thog89]

Hi,
I haven't received ITA, but hoping to get it soon. I am doing my POF requirements.

I am a single guy who will require $12,475 for POF. My father has taken a loan for about $13000 and given to me. I am hoping to make this work if I can prove it as a gift deed. I have total of over $14000 in my account including my savings.

Transaction is done like this: My father's loan account-->His savings account-->My savings account. This is to prove that the money came from my father's savings.

As long as the person verifying cannot check my father's account, this will work right ? Is it possible for them to check where my father got the money from ?

 

[mr.preetsingh]

Hi,
I haven't received ITA, but hoping to get it soon. I am doing my POF requirements.

I am a single guy who will require $12,475 for POF. My father has taken a loan for about $13000 and given to me. I am hoping to make this work if I can prove it as a gift deed. I have total of over $14000 in my account including my savings.

Transaction is done like this: My father's loan account-->His savings account-->My savings account. This is prove that the money came from my father's savings.

As long as the person verifying cannot check my father's account, this is work right ? Is it possible for them to check where my father got the money from ?

This is good...

 

[thog89]

This is good...

Thank you for the answer.

One more question, transaction was done with cheque. I have the cheque number. Don't have a scan copy of it (according to LOE in this thread) or it cannot be notarised (according to this Quora post) as the cheque transaction is done few months back.

Will a Gift Deed, Affidavit and LOE (without cheque scan copy) be enough ?
Also don't have a witness for the transaction, unless Bank Manager agree to become one. Which I don't think will happen.

 

[mr.preetsingh]

Thank you for the answer.

One more question, transaction was done with cheque. I have the cheque number. Don't have a scan copy of it (according to LOE in this thread) or it cannot be notarised (according to this Quora post) as the cheque transaction is done few months back.

Will a Gift Deed, Affidavit and LOE (without cheque scan copy) be enough ?
Also don't have a witness for the transaction, unless Bank Manager agree to become one. Which I don't think will happen.

Affidavit is enough supported by Bank statement showing that transaction.

 

[thog89]

Affidavit is enough supported by Bank statement showing that transaction.

Nice...Thanks