|
|
 |
Asset
Management for
a Deceased Borrower |
We can help you protect your assets
in an active probate and secure funds
for you from the liquidations of probate.
If your borrower should pass away, all of
his or her assets which do not transfer by
operation of law (community property with
right of survivorship), or by contract
(living trust), will transfer through probate
or intestacy proceedings. |
|
|
The personal representative of the deceased
is called an “executor” if named in the will
or “administrator” if not. “Probate”
refers to the court proceeding required to transfer those
assets which are not transferred directly by law or contract.
We help our clients with probate procedures--including initiation.
We help determine who is named executor or personal representative
of the deceased borrower. We also take the necessary steps
to protect your claim in an active probate, and can secure
funds for you from the liquidation of the probate.
Even if your borrower passes away without having a will
or living trust, we have the know how to find the borrower’s
assets and make sure you get paid.
The threat of loss of estate realty due to foreclosure has
increased in recent years. Estates typically default on
a decedent’s mortgage as a result of one or more of
the following:
- Lack of sufficient cash flow/cash reserves in
estate
- Executor/administrator unaware of loan(s) on
the decedent’s property
- Erroneous assumptions by executor/administrator
that mortgage lender will wait until close of probate
for payment of monthly installments
- Executor/administrator and/or heirs unwilling
or unable to make payments
- Difficulty in selling realty due to marketability
issues such as deferred maintenance (poor condition),
title problems, etc.
- Adversarial relationships between heirs
- Issues regarding delegation of payment responsibility
- Poor communication between executor/administrator,
attorneys and lenders
- Delinquent property taxes
"First Pacific Servicing
can take specific steps to help you manage a probate situation."
|
|
|
