The closing attorney should have held it out and the previous seller would get the refund. This way he gets the money and you may not. You can, of course, check with the lender and see what they say. I hope things work out for you. God bless
escrow balance being mailed to… - Posted by Mindy in TX
Posted by Mindy in TX on September 30, 2002 at 17:19:38:
Help. Got the deed on a house. Lease/optioned it. It’s now 8 months later and the buyer got approved for their loan to cash us out. We closed today,Monday, Sept. 30th.
Here is where I need help on how to handle this part of the deal:
There is a balance of about $650 in the escrow account the lender was managing for the seller whom we got the deed from. I have been told that if there is balance in the escrow account that the lender will mail the check to whoever’s name the loan is made out to which of course, is the previous seller! We closed today and I have no limited power of attorney but we did place the property in a trust.
What are some ideas of how to handle getting this cashed by the seller?
OR, Is there still time to fax some type of form to the lender to have them cut the check to the trustee of the property instead of the seller?
OR, other suggestions?
(I have been told it would be 2-3 weeks before the refund check is mailed.) Please advise. Thank you!
Mindy in TX