All Forum Posts by: Dan Green

How many letters did you send out?

Hey guys looking for a bit of input. I will be wholesaling a family house but here's the situation. My aunt and uncle passed away and left there home to my cousin (their only living child) in the will. My cousin was told that she did not need to probate. The house ARV is 265. The repairs are 40k The house was paid off but before my uncle passed he took out a loan on the home for $192,000 interest only. The bank has told my cousin that they will take a settlement. They are requesting a settlement offerletter, a hardship letter and proof of funds. My questions 1.Does this have to go through probate being that it was willed to her and she also had power of attorney before they passed away. 2. What percentage do the banks usually settle for in this type of situation also being that the home has equity in it. 3. Does any one know where to find a good example of settlement offers and hardship letters? 4. We are going to offer 75k she does not have the whole 75k . We are going to pay the settlement with the funds from selling the house. How can i get a good proof of funds to provide to the bank? Any other input would be greatly appreciated. Thanks in advance

Thank you Phil Reames

Phil Reames hey phil if the will takes over then why does it need to go to probate. My aunt left my cousin the house in the will. She is the only child. She had a brother but he past away also about 8 years ago

David W. my cousin said that before my aunt died she made her power of attorney and something else giving her authorization to sign on her behalf.

David W. she doesn't want to keep it she wants to sell. I've already got my numbers together on it I just need to know if the bank is really going to except a settlement on the loan even though the house has equity in it.

David W. the house was my aunts and my uncles. Both are deceased and the house was willed to my cousin. There are no living heirs other than my cousin. This is the only asset that was left. There was a home equity line of credit taken out by my uncle before he passed. And that has to be payed off. The bank told my cousin that they will take a settlement. They want my cousin to give them an offer and they said that they would either except or decline it. It makes me think because the line of credit is now 191k and the house All fixed up is worth 265k so there is plenty of equity so why would they be willing to take a settlement?

Hey BP family, i could use some advice. I am a wholesaler here in Tampa FL but I will be wholesaling a house in my home town Jacksonville Fl. My aunt died and left her home to my cousin ( her only living child)  The house was willed to my cousin. I made  another post asking if she needed to go through probate but i have another issue i want to discuss on this post. Before her father died he took out a interest only line of credit on the house for $189,800 in 2007. He passed away years ago and now the loan has increased to 191,000. My cousin spoke with someone at the bank and they said that they would be willing to take a settlement. I was a little confused abut this being that the house has equity in it so why would they be willing to take less than what is owed.  The house all fixed up is worth about  260k- 275k. Any input would definitely be greatly appreciated. 

Hey BP family I could use some advice. I'm a wholesaler in Tampa FL but I am wholesaling a house in my home town in Jacksonville FL. My aunt died and left her home to my cousin ( her only living child) will she need to go through a probate? She said that she was advised that she didn't but I want to make sure. When is a probate not needed. And will she just be able to sell the house?

Kareem Neverson they are completely under water of the McKay Bay here in Tampa Fl right by the causeway bridge. I'm not sure about land locked. It's a housing subdivision right behind it and some industrial surrounding it.