What information does a Probate Attorney need to provide for their client?
We need “Parameters” of what is being requested relative to the value of the real estate, such as loan amount, lien position and Subject Property location. Furthermore, we require that the Executor or Administrator be issued their Letters of Testamentary prior to our loan being funded.
Does Hard Money Brokers need to speak with a Probate Attorney’s Client?
Yes………we always need to speak with our Borrower/Client from start to finish, to make sure they’re fully aware of the terms of the loan being requested and the effects the loan will have on the assets of the Probate Estate.
What is the procedure for the Probate client signing the loan documents?
It’s our company’s policy to always meet with either with the Executor or Administrator of the Probate Estate to sign the loan documents. Typically, this is done at the Escrow Company, but we’re always available to accommodate other arrangements is necessary.
What are the credit and income requirements to obtain a Probate Loan?
There are no set minimum Credit or Income requirements relating to our company’s Probate lending policy. Federal and State laws do require the “Ability to Pay” for any real estate loan funded by us or any other company. We always do our best to accommodate Credit & Income situations with a workable solution that leads to the Probate Loan being funded.
What is the time frame to obtain a Probate Loan?
Our standard answer is “1” to “2” weeks, provided we are provided the requested and necessary information and documentation in a timely manner. If a Probate Court hearing is necessary then the time frame could be longer, based on the hearing schedule of the Probate Court. Probate Attorneys Frequently Asked Questions