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Probate - Administrators - Conservators -
Executors - Estates - Heirs - Fiduciary
Probate Lending Programs
Normandy Mortgage we call ourselves the "Unconventional Lender",
because we fund real estate loans that the typical conventional lender
will not. Our loans are based on equity and in some cases we create the equity!
Qualifying Income & Credit Requirements are very flexible,
Borrowers with credit history from A to D are accepted.
Borrowing on the equity of a property while in probate to pay debts or
settle an estate is becoming increasingly popular with attorneys. With an
attorney’s assistance Administrators, Guardian, Conservator, etc., can
obtain court approval to borrow the necessary funds to pay debts or settle
an estate.
Fiduciary:
Administrators, Guardian, Conservators, Executors, Trustees, are
appointed as a Fiduciary to act in behalf of the estate and may sign for a
loan in that capacity. The loan is secured with the remaining equity in a
property. We will lend up to 65% loan to value on the current appraised
property value on a 1st or 2nd Trust Deed position.
The proceeds of a loan may go to pay off creditor’s debts, property
taxes, State & Federal taxes, attorney fees, settle disputes, buy out
heirs, cure a pending foreclosure action and save the property &
remaining equity from being lost to a foreclosure.
Heirs, Administrators, Guardian, Conservators, Executors, Trustees our
program does not require any ownership seasoning, meaning the they are not
required to have owned the property for a year or more in order to borrow
against it as required by conventional lenders. Newly acquired property
is eligible for a loan to pay estate debts and settle an estate.
Sub-Standard or Deferred Maintenance:
At times the only asset in an estate is the real property and because of
an illness or other circumstances the property has been abandoned or
neglected and is now need of substantial repair and the market value is
very low. Our Rehab program will lend to repair the property and base loan
on the future value, creating additional equity & value
to pay debts or settle an estate. This loan is based on 65% of the
"Future Value" on a 1st or 2nd Trust Deed
basis. For more information on Rehab loans please see REO/Rehab loans on
the home page.
Typically available on single family residence & up to a 4-unit
complex in Southern California as 1st or 2nd Trust
Deed Loans up to 65% loan to value and loan amount up to $350,000.00, terms
of five (5) years, monthly interest only payments and no pre-payment
penalty.
We will consider commercial, multiple apartment units, mixed use, land,
and etc. these properties at lower loan to value. The fees and costs may
vary on each loan please call for details.
References:
We have funded several loans to settle estate, if you would a reference
list please call or e-mail.
(800) 576-0102 Fax (714) 632-9752
Normandy
Mortgage Servicing Co.
Revised 4/15/08
©1999-2001
Normandy Mortgage Servicing Co.
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