Asset Management for
a Deceased Borrower

We can help you protect your assets
in an active probate and secure funds
for you from the liquidations of probate.

If your borrower should pass away, all of
his or her assets which do not transfer by
operation of law (community property with
right of survivorship), or by contract
(living trust), will transfer through probate
or intestacy proceedings.

The personal representative of the deceased is called an “executor” if named in the will or “administrator” if not. “Probate” refers to the court proceeding required to transfer those assets which are not transferred directly by law or contract.

We help our clients with probate procedures--including initiation. We help determine who is named executor or personal representative of the deceased borrower. We also take the necessary steps to protect your claim in an active probate, and can secure funds for you from the liquidation of the probate.

Even if your borrower passes away without having a will or living trust, we have the know how to find the borrower’s assets and make sure you get paid.

The threat of loss of estate realty due to foreclosure has increased in recent years. Estates typically default on a decedent’s mortgage as a result of one or more of the following:

Lack of sufficient cash flow/cash reserves in estate
Executor/administrator unaware of loan(s) on the decedent’s property
Erroneous assumptions by executor/administrator that mortgage lender will wait until close of probate for payment of monthly installments
Executor/administrator and/or heirs unwilling or unable to make payments
Difficulty in selling realty due to marketability issues such as deferred maintenance (poor condition), title problems, etc.
Adversarial relationships between heirs
Issues regarding delegation of payment responsibility
Poor communication between executor/administrator, attorneys and lenders
Delinquent property taxes

"First Pacific Servicing can take specific steps to help you manage a probate situation."

Probate procedures unclear? We can help.

We help our clients with probate procedures--including initiation. We help determine who is named executor or personal representative of the deceased borrower. We also take the necessary steps to protect your claim in an active probate, and can secure funds for you from the liquidation of the probate.

We ensure that the probate personal representative(s) are properly notified of all foreclosure activity in accordance with applicable state law.