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I have a mortgage that I have been overpaying and after the mortgage was payed off they wrote a check back to me to reimburse me for the overpayments.But they wrote the wrong

8 10 January 6, 2018 at 05:35 AM in Finance
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persons on the check. They put both my parents on check because they were the original borrowers, But my parents have transferred the property into a LLC. where my father is the manager. So can I deposit this check into the LLC account.? We never told Chase about the change in title. Would Chase write a new check with the LLC's name ;so we could deposit it in the LLC account? All the checks we wrote to the for the mortgage was in LLC's name.

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Joined Nov 2009
Old Hippy & Mortgage Pro
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#2
The lender will always write checks to those names on the mortgage. They will not change the names as that is not consistent with the borrower's names. Despite Title changing the borrower's did not.
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-Adam
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#3
Just have them sign it and deposit I don't think anyone will care.
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#4
If they both sign check and deposit into LLC account won't that be considered comingling of funds since the check is written to individual, but you deposit into a business account. I read that part in a article.
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#5
Quote from slickster111
:
If they both sign check and deposit into LLC account won't that be considered comingling of funds since the check is written to individual, but you deposit into a business account. I read that part in a article.

Maybe if it mattered...why would it?

If it is a rental business now, then title and liens should have been transferred at the same time to do it by the book. The corp can not own property and be responsible for a mortgage in someone else's name. They might already be personally liable as such. I am no expert and you should consult with a tax professional\lawyer to see what your options and exposure are now imo.
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#6
Everything is handled by OCR and computer now. Just deposit it in and ATM, keep the receipt and forget it. It could be written to Elvis and they wouldn't care unless someone complained.
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#7
Generally you can endorse a check over to whomever you wish- so your parents can endorse the check over to the LLC by writing "Payable to xxx LLC" when they endorse it. Some banks have policies against this, but I am assuming your parents own the LLC, so the bank will have their names on the LLC account register. Absolute safest thing to do is have one of your parents walk into the bank with the unendorsed check and explain to the teller they want to deposit it into the LLC account. They won't have any problems. Because an LLC is a pass-through entity there should not be any tax ramifications from doing so- just book it as owner's equity.
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