Buying a foreclosure-proof of funds

[Sunny A.]

I am working on buying a foreclosure in my wife's name as an all-cash deal.

The bank/lender who is selling wants the proof of funds as a bank statement with the exact name of the person on the contract. So it should be in my wife's name.

But, I have all the funds in my name. Since they want a statement and not a screenshot, I cannot simply add my wife's name to the account.

Has anyone dealt with such a situation before?

[Ron S.]

yeah, daily. Us banks do it so we can make sure you aren't wasting our time. 

By the property and vest in your wife's name. You are making this difficult when it isn't. Hundreds of "Bidders", buy on behalf of an investor/buyer. They aren't putting the property in their name so, go to the auction. Show your funds. Bid. Win. Take title in wife's name.

That said, you are either not informed, or confused or just using the wrong terms? The bank doesn't "Sell" a property they don't own so, did it already go to sale? If its going to sale, there would be no "contract" so, it sounds like you are not buying a foreclosure at foreclosure sale but instead, maybe an REO? Something that already foreclosed and is now bank owned? If that is the case, i would not recommend trying to "add your wife's name to the account" if she's not on the bank account. That's called mortgage fraud, which i'm sure you aren't contemplating. Put the funds in your wife's account and season it so its her funds.