Loans can be used for any estate purpose, such as:
- Make repairs to estate property
- Provide liquidity to the estate
- Pay estate debts, mortgages and liens
- Pay creditors’ claims
- Pay costs of administration
- Pay money to Heirs in advance of closing
Budget and its family of companies have been providing mortgage loans to estates since 1981.
If you are looking to borrow on behalf of a Probate Estate, call us today to see how we can assist you.
CONTACT US AT:
Telephone: 1-800-22loans (800-225-6267)
What we need to get started
To get going on your estate loan please provide the following:
- Amount needed;
- Purpose of loan;
- Letters of Administration;
- Petition for Probate;
- Order for Probate;
- Inventory & Appraisal; and
- Death Certificate.
What is Probate?
Probate is the legal process by which assets are transferred from a deceased person to his or her legal heirs. The process can take a couple of months to years depending on the complexity of the estate. The fact that a will exists does not preclude the need for probate, nor does a will necessarily speed up the probate process.
Typically, when an individual dies, his/her assets, including real property, need to be legally distributed to the rightful heirs. There are necessary legal processes which generally must go through the court system to accomplish this.
When Do The Heirs Get Their Money?
The estate assets are distributed at the end of probate, once the judge has approved a final order. Prior to this time, if the personal representative of the estate were to need funds for certain purposes, such as to make mortgage payments, repair the real property, pay creditor’s claims or attorney fees, he/she can obtain funds from Budget Mortgage Corp. Should an individual heir require funds prior to the close of probate, BMC can do that as well.
Why is There a Probate Attorney?
Although it can be done without a lawyer, most of us are not prepared for the financial and legal responsibilities and complexities of resolving an estate. Nearly all estate representatives hire specialized probate attorneys to help with this process. The legal fees are set by law and are currently less than 4% of the estate assets. Other than the filing fees and initial publication charges (generally under $1,000), there are no additional fees required at the start of the probate process. The estate attorneys are paid at the end of probate - at the same time the estate funds are distributed to the heirs and creditors of the estate.
Can The Property be Sold During Probate?
Yes - absolutely! Many people are under the mistaken notion that the property cannot be sold during probate. In fact, there are numerous tax and legal reasons for this to be done. To do this the estate will obtain a valuation provided by a court appointed probate referee. Once the value has been established, the property can be listed and sold.
Numerous estates have borrowed funds from Budget Mortgage Corp. over the years for various essential reasons prior to the close of probate.