Posted by WilliamGA on February 06, 2001 at 07:11:33:
…but it could be a real pain after 30 or 40 of them. LOL
Payment to Lender (Subject To) - Posted by Jim
Posted by Jim on February 05, 2001 at 18:51:04:
Is it really safe to send the lender the monthly payments with “My Check” and my sellers payment coupon when I take a property subject to the existing loan?
Anyone ever have a problem with this, and if so, what’s the solution?
Thanks
Jim
Re: Payment to Lender (Subject To) - Posted by Rick(CA)
Posted by Rick(CA) on February 06, 2001 at 01:11:06:
Jim,
The way I look at it, it depends on the lender being big or small. Most are large enough to have a department handling the collection and processing of checks. These typically are clerical workers who open tons of payment envelopes, punch in all the checks into the computer and so forth. They don’t know who the owners are. All the really see is that the payment for loan # whatever has been paid for this month.
If it’s a smaller lender, then MAYBE they might notice. But, the odds are still in your favor since their getting their money anyway.
Re: Payment to Lender (Subject To) - Posted by JasonTX
Posted by JasonTX on February 05, 2001 at 19:43:40:
This question gets asked a lot and the answer from the “pros” is that if the check will cash the lender doesn’t care who’s name is on it.
Lenders do not want a house, they want a house payment.
Re: Payment to Lender (Subject To) - Posted by Irwin(CA)
Posted by Irwin(CA) on February 06, 2001 at 01:41:21:
You may be right. But being a bit paranoiac I use a bank check (like a cashiers check but free) with the “remitter” line blank.