Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 18 years ago,
*Please Help* Probate Loans?
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.
Thanks