Question by longssn: Can a probate beneficiary obtain a loan secured by real estate?
I have a person who needs a private loan. She has a property in her late mother’s name. Her mother passed away January, 2007 and the estate is currently in probate. She is the only daughter. Is there any way I can give her a loan secured by the property?
STATE OF CALIFORNIA, COUNTY OF ORANGE
Best answer:
Answer by Spock (rhp)
to attach your lien to the property, you’d have to have the written signature of the estate’s trustee … AND, doing so would have to be within the trustee’s powers under state/national law [you didn't say where you are].
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Probably not.
The Trustee’s are so often court appointed and will run from such a request. This is because you become a new liability to the estate, while the probate is in process.
If the Trustee is will appointed, you might have a shot at it but in my experience this is subject to court approval anyway, so not very likely.
Judges often give permission for a property to be sold before the probate process is concluded. I would have the beneficiary petition the court through her attorney. Should that request be granted, you should be able to move forward.
I would ask professionals on this new forum site:
http://www.homefinderforum.com