Legal Question in Wills and Trusts in Illinois
Hello, In a decedents estate, can an administrator title be used to get a refinance loan on the decedents home?
Asked on 9/15/11, 3:17 pm
1 Answer from Attorneys
Not without a court order, and there would have to be a good reason to do so. So what's the goal here, because at some point the administrator would have to convey title to the proper party(ies) and it would be subject to a mortgage unless the idea is to generate immediate funds to settle the estate and in the end the property is sold to recoup those funds - normally property is simply sold to do so. It also depends on whether the heirs are minors. So if you want to add facts that could help us sort through this, feel free to do so. Otherwise see a probate attorney.
Answered on 9/16/11, 8:41 am
Related Questions & Answers
-
What is the time limitation in the reading of a trust? Asked 9/12/11, 7:36 am in United States Illinois Probate, Trusts, Wills & Estates