How do you secure a loan against an estate?

3 Replies

I'm trying to sell a property to a buyer who wants to pay cash but the $$ is tied up in an estate.  The attorney will not allow her to put a mortgage on a free and clear house and he won't disperse any money until February.  

I see ads to borrow money against lawsuit winnings, tax returns, and estates.  How do they do it?  I've called a  couple of attorneys and no body seems to know how.  

Originally posted by @Brett K. :

I'm trying to sell a property to a buyer who wants to pay cash but the $$ is tied up in an estate.  The attorney will not allow her to put a mortgage on a free and clear house and he won't disperse any money until February.  

I see ads to borrow money against lawsuit winnings, tax returns, and estates.  How do they do it?  I've called a  couple of attorneys and no body seems to know how.  

Obviously the would-be buyer doesn't really have liquid funds as they are tied up(in the estate). You might want to seek out another buyer with Verifiable POF. Otherwise you can wait until February and hope that the atty. doesn't change their mind.

Those JG Wentworth commercials are for people that are getting payments on a lawsuit winning for example say $500/mo but the person wants more of it if not all of it. They likely sell their promissary note to JG Wentworth in exchange for a lump sum payment. This would only work if your would-be buyer chooses to sell off their shares of the estate. Its probably so time consuming you'd be better off getting another buyer or two more buyers for that matter. My coin.

Kudos,

Mary

Thanks for taking the time to reply Mary.   Nice website.

@Brett K.  ,

I have read that some put notes on free and clear properties as a means to protect themselves from creditors or frivolous lawsuits because you have effectively removed the equity (as seen from the outside) but really you have simply transferred it.  It is the "own nothing, control everything" approach.  May be you can take this angle. 

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