Santa Monica 3 Unit/Tri-Plex

Original Problem:

Mrs. Owner passed away with no will or trust.

Her Brother was helping her with property in her last days and got authorized on the Loan prior to her passing and pulled it out of Foreclosure at that time.  About 6 months later he passed away.  Since no one was authorized on the loan the bank would not communicate with anyone.  Brother’s wife was left with the responsibility of the property but was unable to speak with the lender about anything including the past due amounts and payoffs.  The property fell back into foreclosure and ultimately had a Trustee Sale date set for it.

Our Solution:

2 days before the Trustee Sale I got in contact with the Brother’s Wife who was now handling the property affairs.  I proposed that I would be able to negotiate with the lender and convince them to postpone the sale due to the fact that the Family didn’t want to lose the property or the equity it had in it.  This would allow the property to be properly set up for a sale with all the necessary documentation that the bank required.  It would require the property to go through a probate to name Brother’s Wife as the Administrator of the deceased sister in law’s Estate.  This would allow the bank to properly recognize her as the appointed responsible party to their loan.  This would allow her obtain reinstatement and payoff figures and be able to communicate with the bank.  My solution was to handle the negotiation with the Lender, arrange and pay for a Probate Attorney to handle their petition and Probate. Reinstate the defaulted loans once we were able to obtain the figures from the bank.  Arrange and Finance the Rehabilitation of the property to maximize the Equity Potential for the sale of the property.  Handle all administrative functions with the Lenders, Contractors, Attorneys, heirs and Brokers.  For doing this all we would form an Equity Partnership on the sale of the property.

How our solution was successful:

• We convinced the Lender to Postpone the Trustee Sale.
• We retained a trusted (Strategic Partner) Probate Attorney to prepare and file the Probate Petition on behalf of our client.
• Client obtain Letters of Administration with full Authority
• Organized 9 heirs in four different states in order to complete Probate
• Provided funds necessary to Rehabilitate the property
• Completed Rehabilitation of the property to increase the Equity Potential
• Listed the Property with a local Real Estate Broker and marketed in on the open market to obtain the highest price.
• Received multiple offers, which drove the price over asking.
• Property went into Escrow and closed.
• Obtained Court of approval for final accounting of the Estate.
• All 9 heirs and our client received their inheritance