Inheritance Loans need to have Realestate as Collateral.
Inheritance loans aren't actually loans at all. Instead, they are cash advances provided to heirs entitled to inheritance held in probate. The inheritance is used as collateral to obtain the cash advance. Typically, inheritance loan advances are reserved for heirs entitled to $15,000 or more.
The process for obtaining inheritance loans depends on the policies and procedures of the lending source. Lending sources can include cash advance companies, private investors and real estate investment groups.
Typically, the person requesting an heir advance will be required to provide personal information and pertinent facts surrounding the probate estate. In most instances, a credit report will be obtained. The funding source takes on substantial risk when providing inheritance loans. Therefore, be prepared to provide the following information:
• Personal information including date of birth and social security number
• A copy of the decedent's Last Will and Testament
• Name and contact information of the estate's Administrator and probate attorney
• Petition for Probate
• Inventory and Appraisement statement
• Listing agreement or sales contract for real estate
The credit report is used to determine if the beneficiary has outstanding creditor or tax liens, child support or bankruptcy proceedings which could interfere with assignment. When heirs receive a cash advance, they must assign their rights to inheritance to the funding source. Once the estate settles, the funding source is repaid. Unless the beneficiary is entitled to enough money to repay outstanding debts and still have money left over, inheritance loans are rarely granted to heirs who have judgments or liens.
In most cases, a fee is charged and deducted from the inheritance loan. Once the above mentioned documents have been verified, advance inheritance funds are usually distributed within a few days.
In the event the estate lacks sufficient funds to repay inheritance loans, the heir assumes no personal liability to repay the funding source. However, if it is discovered the recipient of the cash advance provided false information, the funding source can take legal action against them.
If you are entitled to inheritance and need an heir advance, Simon Volkov might be able to assist you in obtaining funding. Feel free to submit information about your inheritance through the Cash for Inheritance form. Simon will review your information and contact you to discuss available options.