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Can the administrator of an estate in probate borrow against…

Can the administrator of an...
Can the administrator of an estate in probate borrow against the equity of the house (part of the estate) to pay off creditors?
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Answered in 9 minutes by:
8/9/2017
Alex Esquire
Alex Esquire, Attorney
Category: Estate Law
Satisfied Customers: 16,870
Experience: Handled many probate matters
Verified

Hello. My name is ***** *****

Thank you for your question.

I will be happy to provide you the information you are seeking for educational purposes only.

Generally Yes, as long as, doing so, would be in the best interest of the estate and its beneficiaries.

I wish you the best of luck!

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Customer reply replied 10 months ago
Hi Alex, thanks for your response. How would I, as the administrator, go about applying for such a loan? I called my bank and they said they will not provide a home equity loan until the title of the home is transferred to my name.So here is how I'm picturing the sequence of events:1. All creditors are paid off.
2. Estate is settled, all paperwork is filed, and probate closes.
3. Title of home is transferred to beneficiaries. (In this case, I'm the only beneficiary because I'm the sole heir at law).
4. Bank becomes willing to give loan.In my scenario, #4 would have to come before #1, which doesn't make sense. I must be missing some important piece of information. Can you clarify for me?

Thank you for your follow up.

I cannot comment on your specific situation, but the only way that administrator would be able to borrow against the equity in any real estate that is part of the estate and is going through probate, if there is a bank or a private lender that would be willing to extend a loan or credit line to the estate against the real property that is in the estate.

If that is not an option, and there are creditors that have to be paid off, before estate can be fully administered and closed, then, unless the sole beneficiary can either loan money to the estate to pay off any creditors or unless estate has sufficient funds to pay off all creditors, the real property would have to be sold by an estate (in most cases with court's written approval), so that proceeds from the sale of real property could be used to pay off any outstanding claims filed by the estate and which estate is obligated to pay off.

I wish you the best of luck!

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Please let me know if you have any related follow up questions?

If not, please positively rate and accept my answer, so I can be compensated for my work.

Thank you.

Alex Esquire
Alex Esquire, Attorney
Category: Estate Law
Satisfied Customers: 16,870
Experience: Handled many probate matters
Verified
Alex Esquire and 87 other Estate Law Specialists are ready to help you
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Customer reply replied 10 months ago
Hi Alex, sorry for the delay. I'm wondering where to start researching lenders who might loan to an estate. I tried googling estate loans but I only came up with "fast cash" companies, which seem untrustworthy. Should I ask this as a separate question posed to a financial expert?Thanks for your help!
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