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#2262099 - 11/04/21 03:43 PM Escrow Refund with Deceased Joint Borrower
terpsfan Offline
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Joined: Feb 2007
Posts: 1,973
If one of the borrower recently past away prior to the loan paying off and a check is being cut to for the remaining escrow balance how should the check be made payable. We typically would issue a check made out to both borrowers but the remaining borrower wants it just to them.

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#2262118 - 11/04/21 06:15 PM Re: Escrow Refund with Deceased Joint Borrower terpsfan
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,293
Galveston, TX
The dead person can no longer make payments - I am not sure why they would be entitled to any refunds. It cannot be for a large sum - can it?
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#2262152 - 11/05/21 11:16 AM Re: Escrow Refund with Deceased Joint Borrower terpsfan
terpsfan Offline
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Joined: Feb 2007
Posts: 1,973
In this case it is about $2,000. Given the account is still jointly held I assumed it would still be considered held by the remaining borrower and the estate.

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#2262159 - 11/05/21 01:22 PM Re: Escrow Refund with Deceased Joint Borrower terpsfan
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,293
Galveston, TX
That could be - but is the remaining borrower the SII? Do you think that other heirs are going to raise a stink? It is a risk call, but why make a widow or widower jump throw more hoops than they have too if they just lost their spouse. It really is going to depend on the facts at hand.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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