When Money Comes In The Seller's Name...
Hello everyone, I'm new here and just hoping to find some answers....i have purchased a property sub-to and all the seller's mail which has anything to do with the property comes to me....i recently received a check from the mortgage company and it says "for payment of escrow to mortgagor"....the check is made out in the seller's name.....i think it has something to do with some type of future adjustments in the payments....so my question here is: would this money belong to me OR the seller, if it belongs to me, how would i go about having the funds cashed since the check is in the seller's name?.......any and all positive, helpful responses will really be appreciated....thanks guys! 
It is my opinion that you own those funds. You should have a power of attorney that will allow you to cash that check.
ok, i do have a limited Power of Attorney which states that we are able to "collect and/or receive any proceeds on their behalf of ".....you think that would suffice? and what do i do, just show the Power of Attorney to my bank teller when presenting the check? thanks Myfrogger for your quickie response.
RealEstatebrain,
Glad to meet you.
Were these funds released from an overage in your sellers impound account?
John $Cash$ Locke
realestatebrain,
After you've verified that what John has asked is true, simply deposit the check into your account. You want to make sure there are not any issues with the escrow account. I've received overage refunds in the past when I should not have.
It's been my experience that POA is rarely needed for checks less than 10k unless you try to directly cash the check.
[addsig]