How To “Subject To” Then Recover Escrow
Hello,
I have recently purchased my first “Sub 2” investment property by reinstating the loan in foreclosure and getting the deed.
I have bought 8 others properties in 2 years but none on “subject to” and now I have the property for sale.
I called the mortgage company and the loan has been reinstated and the foreclosure case dropped.
Question: When I sell how can I get paid the escrow balance of 2k instead of the previous owner. I’m assuming I paid the 2k when I reinstated the mortgage??
Thanks
The 2000 balance should be figured into the payoff amount when you resale the property so it shouldnt be an issue but if it is.
Always get a limited power of attorney for the seller and change the mailing address for the lender so you get all of their mortgage mail.
Thanks,
If I get power of attorney and change the address the escrow check will come to me made in the name of the Seller??
How to change the name?
I don’t believe you can which is why you have their power of attorney...
BTW make sure your agreement with them allows you to recover all impounds, insurance and mortgage reimbursements.