My father had a home loan with chase bank, then he died 2 years ago, and I lived in his house for 10 months until june of 2014, and paid the mortgage under his name during that time. Then the house went into foreclosure with chase and I guess it was sold to seterus, my half brother Vernon bought the house in January of 2015 and paid off the mortgage. Now he owns the house. I am the executor of the will and my father left 50% of everything to me and my brother scott, then about a month ago we got two checks from chase bank sent from seterus, 1 for $2.700 and 1 for $280, paid to me and my brother scott care of the estate of my father. We have no idea what these checks are for, and the banks will not cash them. We have to open an estate account and deposit the checks into that account. Does anyone know what these checks are for, and what will happen after we deposit the checks, will we have to wait a few days before we can get the money?
You have to ask your bank if they put a hold on them. No idea what the checks were for. Could be a refund of money being held in escrow, or if the house was bought at foreclosure auction, the excess funds after the payoff and their costs maybe. In my state, at least, they only get to keep what they are owed plus costs so if the auction nets more than that, the excess has to come back to the property owner who was foreclosed on. If nobody buys it, the bank "buys" it themselves for the payoff and costs and then lists it with a realtor and can keep any extra profit after that.
