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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Best course of action... Posted by Ward-CA- on June 04, 2003 at 6:55 PM In Reply to: Impound/Escrow Overage posted by Rudy on June 04, 2003 at 8:47 AM : 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? =•=•=•=•=•=•=•=•=•=•= Rudy, Receiving an impounds overage in the previous owner’s name happens to us frequently. The easiest and slickest way we’ve discovered to handle it is to return it (with no endorsement whatsoever) to the bank with the next month’s payment coupon stapled to it with a post-it note stating “Please apply overage to loan principal”. Works like a charm all the time. Follow Ups: Re: Best course of action... Joe Kaiser 10:50 PM, 06/06/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : 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? : =•=•=•=•=•=•=•=•=•=•= : Rudy, : Receiving an impounds overage in the previous owner’s name happens to us frequently. The easiest and slickest way we’ve discovered to handle it is to return it (with no endorsement whatsoever) to the bank with the next month’s payment coupon stapled to it with a post-it note stating “Please apply overage to loan principal”. : Works like a charm all the time. 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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