A Probate Loan is a loan on inherited property. The estate is either in probate or in the process of going through a trust administration process. Heirs utilize this loan for many reasons, including getting early access to an asset since the probate process can take months.
Typical Items Needed for a Probate Loan:
- Loan Application
- Borrower Authorization
- Bank Statements
- Picture ID
- Loan Submission Form
- Home Owners Insurance
- Mortgage Statement for Payoff Information
- Probate Documents from Attorney
If Property is Leased/Rented:
- Lease agreement
If Corporation:
- Articles of Incorporation
- Bylaws
- Statement of Information
- Form W9
If LLC:
- Articles of Organization
- Statement of Information
- Form W9
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