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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Impound/Escrow Overage Posted by steve on June 04, 2003 at 2:52 PM In Reply to: Impound/Escrow Overage posted by Rudy on June 04, 2003 at 8:47 AM i guess you could return it to the bank with a letter that your corp is handling the accounting and that the check should be made payable to your corp OR the former Trustor or - - grant deed the peoperty to a THT - corp as trustee of the former Trustor's name - then tell the bank to resend the check to the trust with your corp as trustee curious how it will work out - we do similar stuff - so we are interested to know how it turns out good luck steve : I bought a house on a "subject to" basis. After reinstating the seller's loan,I recorded a deed taking title in my corporation's name. The bank, of course, thinks the original owners made the payment of over $40,000 to bring the loan current. : A couple weeks go by, and I get a payment coupon book with three months of coupons in it with the sellers names still on them...so far so good. But yesterday, a check arrives at the house from the bank for over $4,000 made out to the sellers (one of their names is spelled incorrectly, and transposed, i.e. his real name is Ronald Thomas, but on the check it says Thomas ROLAND)! And all it says for a description on the check is "escrow overage". : What's the best course of action? : 1. Since I owe the sellers nothing, I'm hesitant to ask their cooperation in signing the check over to me. They may just say "gimme, gimme, gimme". : 2. Or should I ask the bank to simply take the check back and apply it to principal? : 3. How should I communicate with the bank and still maintain my veil of anonymity? : Any other suggestions? Follow Ups: hoodia Harry Juna 6:50 PM, 02/03/05 (0) Post a Followup: Name : E-Mail : Subject : Comments: : i guess you could return it to the bank with a letter that your corp is handling the accounting and that the check should be made payable to your corp OR the former Trustor : or - - : grant deed the peoperty to a THT - corp as trustee of the former Trustor's name - then tell the bank to resend the check to the trust with your corp as trustee : curious how it will work out - we do similar stuff - so we are interested to know how it turns out : good luck : steve : : : I bought a house on a "subject to" basis. After reinstating the seller's loan,I recorded a deed taking title in my corporation's name. The bank, of course, thinks the original owners made the payment of over $40,000 to bring the loan current. : : A couple weeks go by, and I get a payment coupon book with three months of coupons in it with the sellers names still on them...so far so good. But yesterday, a check arrives at the house from the bank for over $4,000 made out to the sellers (one of their names is spelled incorrectly, and transposed, i.e. his real name is Ronald Thomas, but on the check it says Thomas ROLAND)! And all it says for a description on the check is "escrow overage". : : What's the best course of action? : : 1. Since I owe the sellers nothing, I'm hesitant to ask their cooperation in signing the check over to me. They may just say "gimme, gimme, gimme". : : 2. Or should I ask the bank to simply take the check back and apply it to principal? : : 3. How should I communicate with the bank and still maintain my veil of anonymity? : : Any other suggestions? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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