Posted by Rick Harmon (CA) on February 11, 2006 at 23:06:09:
Brad’s post is very good, however, IFC won’t advance to an heir unless they can underwrite the deal with an open probate. I send many deals that I don’t want to IFC every month.
In this case, there may not be enough time to get much done, however. A good probate attorney that can talk mitigation vs. litigation with the lender might do the trick. Reality is that lender has every right to foreclose on secured loan.
This has been my primary business for over 16 years here in CA so I know your frustration. Lender won’t likely talk to anyone unless they have sufficient court authority to act as personal rep. of decedent’s estate.
You could either work out a deal with the heir to “pre-sell” the property subject to your assisting in chosing the attorney, etc. or have the heir assign his/her interest to you. Otherwise, the attorney will be advocating for the client, not you.
There are more land mines here than a dog kennel so be aware that there’s a lot to avoid stepping on (or in). Unknown creditor claims, will contests, bad heir days, they all come in to play if you see enough deals.
Joe Kaiser likes these plays and he’s a home boy in your State (Tacoma). You might track him down.