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*Please Help* Probate Loans?

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northMB

Junior Member
South Carolina

Hello,

My father has recently passed away without a will leaving behind a home in South Carolina. He was in the process of restoring the home and had 2 tenants living there with him.

The tenants are currently still there but the home needs a lot of immediate work. We are not in the financial position to pay for the restoration but would like to keep the home. It means a lot to the family but we are having trouble paying the rent.

We would like to get some kind of loan to finish the restoration and continue renting the house at a higher price to cover the mortgage but it is still in probate. Our probate lawyer won't say how long it might take to get the home in my name but we are afraid we might lose the house before then.

We weren't prepared to deal with this situation and aren't really sure of our options. Can we get a loan? Could we sell the home if it is still in probate?

Any advise, ideas, thoughts would be very appreciated.

ThanksWhat is the name of your state?
 


JETX

Senior Member
Can we get a loan?
If you qualify, yes. However, no lender will allow you to use the home as collateral (mortgage) as you don't own it.
Have someone get a loan, fix up the property then once the title has been resolved, finance and pay back the person who provided the funds.

Could we sell the home if it is still in probate?
The executor (personal representative) of the estate can sell it for the benefit of the estate.
 

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