Looking for a private lender

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I have a unique situation. My mother passed away in may and my sister and I will be beneficiary of her house. But we have to put it in probate before we can put the house in our name. She didn't have anything else other than the house and a car and both are completely payed for. As far as we know she didn't owe anything but i dont want some creditor to come out of the wood work claiming some debt and not have the money to pay it. So im looking for a private lender that would give us a line of credit that may not be needed. I just want to be prepared just in case. I dont want us to lose our family home due to not have the money to pay the creditor. Once it goes through probate i plan on getting a mortgage to pay what ever if anything to the private lender and then rehab and rent the house out.

Please if anyone knows of anything that would help us with this please let me know.

Thank you


You DO NOT need a line of credit to go through probate. If you do use one from your contracting business. You do have one for that, right?? If not, you should.

Use a credit card if something comes up. Apply for a credit card. Use your sister's credit cards. Borrow from you 401k from work or past employment(or your sister's).

If you are going to get half of a house for free, you should be able to pay the fees out of pocket. If there are debts and you dont have the money the court will have you sell the house and give you the net proceeds. I have never heard of anyone asking for a line of credit to go through probate. Especially on a public forum. Ask a family member or friend who knows you.

I just went through this with my Mom.  Until probate is complete (can take a year if the house is worth more than $10K, which of course it must be), the house and all/any debt still fall under your mom and not you (because you don't own it yet).  Be proactive on her behalf, of course, but don't incur debt as a precaution yet...  going through it now and my Mom passed last November.