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by Mark Walters
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the investor sells that property they often are not aware
that they can get a check from the original lender
for the cash that has accumulated in the loan's impound account.
That is the money collected monthly by the lender to pay the
taxes and insurance. It often adds up to around a grand or more
and it's easy to get if you know what you're doing.
When you buy a property "subject to" the underlying mortgage,
always get all the owners of the property to sign a Limited Power
of Attorney giving you control of anything having to do with
the house in the future. That way you don't need their cooperation
later, when they've left the area and can't found.
Finally, after you've held the property while it appreciated
in value, you are ready to sell and cash out.
When you have found a buyer and you are arranging the close, send
the lender a request that any balance in the impound account be
sent to you or your company. Always send along copies of the Powers
of Attorney so the lender knows you have the authority to make the request.
Sometimes they will honor your request and sometimes they won't.
More importantly, instruct the escrow officer or attorney
handling the closing of your sale to ask for the impounds.
They will give the pay off instructions to the lender and the
lender usually will follow those instructions without question.
On a recent deal we received a check from a lender for the
impounds in the amount of $1,357.00. Yeah!.. Happy dance!
Was there a catch? The check from the lender f |
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