Loans to
Trusts and Estates
Location:Compton, CA
Funded:$423,000
Private Loan Type:Trust Loan
Deal Highlights:
Deal Summary:
One of our attorney contacts came to us with a client matter that needed immediate attention to provide the family time to work through their probate administration. Unbenounced to the family, there was a reverse mortgage loan on the family home that had been called due, and they were made aware of it when a notice of sale was recorded.
With only a couple weeks to resolve the issue, we worked hand-in-hand with the attorney to get the reverse mortgage payoff demand ordered, provide all the necessary loan specifics for the attorney to prepare the Notice of Proposed Action, and provided short-term funding to avoid foreclosure sale. We closed on our loan with only a few days to spare, and the family was relieved they were able to keep the home they grew up in.
Deal Details:
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