Poker Legislation Post

Is this a joke?? LOL

I just went through this myself.  I closed on my house on October 9th, my entire down payment was from poker funds.  I couldn't whatsoever prove these funds were my money and therefore they did not allow me to use the funds.  You may run into this as well if they are like the company I used.  I got around it by accepting a gift from a family member and repaying that gift after closing.  The dumbest thing ever to have a useless middle man like I did, but it got the loan approved.  I hope this helps.  The lesson I learned was: If I am buying a house don't wait til the last second to cash out, do it 6 months in advance so it's in the account and doesn't magically show up as a bank wire from Germany prior to closing.

 I had the same problem, and I also got around it buy sending money to my Dad and then having him write a check as a gift to my fiancee. The mortgage broker said that this was perfectly legal, and the best way to go about having the loan accepted due to the fact that a lot of the money in my bank account has come from poker site wire transfers that have no official documentation. If you can have a family member send you money as a gift then pay them back after you close, i definitely recommend this method.

WOW ! Is it just me or does this sound like money laundering? And you posted in a public form!! LOL

 HAH!  I asked Pokerstars support once about that.  They told me that everything was perfectly legal and legit that there was nothing to worry about...........  Until people in Kentucky had their accounts closed, money seized and put under microscope of the irs.

Badmanv4:

 HAH!  I asked Pokerstars support once about that.  They told me that everything was perfectly legal and legit that there was nothing to worry about...........  Until people in Kentucky had their accounts closed, money seized and put under microscope of the irs.

 I have a friend who last month closed a loan (major lender)  for a pro online player... he was making bank though.

Contact me directly if you want his info.

ele909:

Hi.  Ok we are getting a loan on my wife’s job as a teacher, but a big part of our down payment is from poker money I have cashed out of stars and cake in the last 2 months.  I have paid taxes on poker winnings in 2007 and 2008 and have the 1040 IRS forms  to prove it.

Does anyone know of an underwriter who will accept this or what steps I can take to work this out????  Our credit score is near perfect (754) and obviously none of the loan relies on further income from poker.  Does anyone know of a company that will at least accept a transaction statement from PokerStars as 'verification' that the funds are not a loan or credit or something?

Thanks for any info anyone can provide!

p.s. If anyone wants to loan me $190,000 at 6%, I wouldn’t complain J