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#2249449 - 02/19/21 04:22 PM Successor in Interest and Payoff Overage Check
Anonymous
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Hi, we have a confirmed Successor in Interest who recently paid off the mortgage. A payoff overage check was issued to the deceased original borrower. The confirmed SII is unable to cash the check (evidently due to the small size of the estate?) and requested that we reissue the check in his name as SII. We have a copy of the original borrower's death certificate and will demonstrating that the property was given to the confirmed SII.

Can we reissue the check directly to the confirmed SII? Thanks in advance.Hi, we have a confirmed Successor in Interest who recently paid off the mortgage. A payoff overage check was issued to the deceased original borrower. The confirmed SII is unable to cash the check (evidently due to the small size of the estate?) and requested that we reissue the check in his name as SII. We have a copy of the original borrower's death certificate and will demonstrating that the property was given to the confirmed SII.

Can we reissue the check directly to the confirmed SII? Thanks in advance.

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#2249465 - 02/19/21 06:37 PM Re: Successor in Interest and Payoff Overage Check Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Let me get this straight. The confirmed SII gave you too much money to pay off the existing loan. Why would you issue the refund to the deceased borrower?
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#2249521 - 02/22/21 04:48 PM Re: Successor in Interest and Payoff Overage Check Anonymous
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Yes, you should have issued the check to the SII in the first place, so certainly you can issue it correctly if the SII returns the original check to you.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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