Gift fund through a diaaolved company, how screwed am I?

2 Replies

My uncle recently gave me some money for a down payment. However, he wired it though his company's checking account.He recently dissolved the company.

Will the lender care that the money came from a business account, and it is a dissolved company as well?

Will I be able to get the Gift money back from escrow if I cannot use this fund?

This first one is a question for the lender. When did he give you the money?I think after 2 months, the banks consider money in your account to belong to you, rather than a gift.

Did you use this money as the Earnest Money? If so, then in order to have it returned, you would need to exercise the contingencies in your contract prior to them expiring in order to receive your earnest money back.

There is more to this. Discuss with your lender, your agent and read your contract.

Not sure if my answer is different state by state, but in Cali, some title companies will allow certain activities to occur with dissolved companies under the idea of "wind-down activity" so maybe that is an angle that can be used?