Is Lending Company asking too much?

[mkk177]

What is the name of your state (only U.S. law)? Wisconsin

I am in the middle of trying to get a loan for a home. I own a house in Michigan (that I can not sell because of the economy), that I have been renting for the last 5 months. Beside the fact that they had me extend the lease to at least a year after the projected closing date, they now want me to contact the renters and get a copy of the cancelled check they used for the first months rent. I find this to be in conflict with their privacy plus the fact that they have been sending money orders.

Why should the renters be bothered as well as have any connection with my business besides fulfilling their lease agreements.

I have been given money from relatives (Gift) for a potential downpayment and had them sign gift letters only to have them bothered with having to get canceled checks from their banks to prove the money came from their account. All of this was done without my knowing until afterwards.

I understand about the problems that the lenders have had with foreclosures, but do these people believe that the majority of these foreclosures are because people just stopped paying because they had too many bills (instead of the fact that unemployment is skyrocketing)


I am just wondering if what they have been asking is legal or if it is violating
privacy, either theirs or mine.