Q: What are the requirements to take out a California probate loan on a trust or estate property?
A: Our Company funds Probate Loans secured by real estate. The owned real estate needs to have equity to obtain a probate loan. In addition, the Executor or Administrator must have received their Letters of Testamentary, with either Full or Limited Authority. Under full authority no court hearing or court order is necessary, only a few court forms are necessary to obtain title insurance. If you do not have these letters, Probate Capital Group can help work with your attorney to obtain them.
Q: What qualifications are needed for a California trust or estate loan?
A: While not primarily driven by credit and income, 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.
Q: What role does my attorney play in obtaining a California probate loan for a client?
A: There are several steps an attorney takes to help secure the financing. These include:
- Contacting a lender to discuss the specifics of how the potential financing will assist the client.
- Obtaining a written buyout agreement from affected parties (if necessary).
- Requesting an estimated closing statement prepared by escrow showing all fees and costs.
- Completing specific court actions as required.
Q: Will my local bank or credit union provide me with an equity based loan.
A: It is always worth asking as this type of financing typically provides the lowest interest rates and fees. However, this type of financing is usually outside of their lending guidelines. These very specialized loans require particular expertise, which is best provided by a qualified probate loan company.
Q: Do low credit scores prevent borrowers from getting a California probate loan?
A: In most cases, credit scores do not prohibit a loan to an estate or trust. These loans are driven more by the property’s equity.
Q: What is the time frame to obtain a Probate Loan?
A: Our average open to close time is 10 days, provided we receive the requested and necessary information and documentation in a timely manner.
Q: What is the best way to obtain a Probate Loan?
A: By calling us at 818-773-8500 today!