All Forum Posts by: Charles Robinson

Yes, had both.  Although I'm "told" that the debts are small in relation to the estate, I wonder if there is an easier way or proactive way to better confirm all the debts of the estate?  To your point, if the bank buys the house via a foreclosure sale though, there is nothing but debt.   

So if I open probate as exceutor or PR, the heir is out completely with an assignment of beneficial interest?  Am I understanding that correctly? 

And if I just decide to give her cash for keys and moving money, then it's mine to handle from here on out?.... 

But, can she renege later after the pressure is off if there is no recordable lien, since cash is in play? 

What about her teenage son - can he sign an assignment of beneficial interest also?  Or is he downline and not necessary? 

There is no way she can handle this, and they want out and to move on...  Thanks.

So, if I were to do an Assignment of Beneficial Interest, I assume that means she would need to somehow become the Executor or PR first and through my guidance.  I could plan to create a trust where she is beneficial interest, where she would put the property in a Trust and then her beneficial interest could then be assigned to me.  Am I understanding this strategy correctly - go ahead and allow her to become the PR?

Also, for the recordable lien, is that my lien on the property.....or her lien of the $40K she believes she will get when it's cashed out?  Or both?  Not sure I followed the recordable lien strategy.

Yes, for the defaulted mortgage, I can handle the $20K loan as usual Sub2 deal if needed, so not as concerned about that deal structure. But I was not sure on recorded lien(s) in my example.

Would there be 2 liens recorded - hers for $40K and then mine? 

Thanks for the great advice.  

I have a pre-probate and pre-foreclosure deal on the table that goes like this and I need help getting my arms around the acquisition using seller financing.  I have kept the math easy: 

$125K ARV;

$25K repairs to get up to date;

$20K lien; this lien is 6 months behind payments of $722/month;

Parents died and house was left to recently divorced daughter (only 1 heir) who currently lives there and wants out and wants move-out money to a townhouse paid for by the government (Section 8) - to start over. There is no PR or executor yet and probate has not started (Pre-Probate).  Attorney wants $2000 for probate of which daughter could not do.  Bank moved the ball forward and tried a Foreclosure Trustee Sale to "force" a short sale with no takers on foreclosure price...

I have a gentleman's agreement with single heir (who is not executor and cannot sign contract since she does not own it yet - pre-probate).  But I would like to get under contract with seller financing for $60K, no interest, no payments, ASAP, tomorrow, and then until I get it re-sold and cashed out down the road.  I would plan to deal with the fiduciary catch-up issues.  Heir would net $40K at the end, with offering potential discount also at cash-out time or the end.

If I don't want to deal with a potentially flaky seller as pressure is relieved and I want control, and seller is willing, is it best to set it up at the beginning that I just become executor and deal with all this?

But would I be the buyer and seller in this case? Me and my LLC?

Or would it be better for marketable title issues to let her become executor (as only heir) but then I lose control and have all these costs out for loan mod, catch-up, and probate settling, attorney costs, paying taxes, mowing, you name it - that she has no capacity to do?

Thoughts on how I can do the paperwork to get the deal done with the heir (current non-owner) with good terms and owner financing?

Thanks for any pre-probate, pre-foreclosure advice, expertise.