Borrower applied for a new loan to pay off other siblings and her father. Not one of them could qualify for a loan themselves to make distribution to other rightful heirs. Throw in their spouses who did nothing but pour gasoline on the transaction by making their opinions known (and they have no rights!). The deceased grandmother was 98, and was being cared for by her granddaughter and her family in her home for 30 years. Her son and the other siblings made no contributions to her care, not to mention no visitation to this grand matriarch. An attorney was involved in getting heirs in alignment. Otherwise the home would go on the market to sell. It's terrible what family can do to each other when an elder passes on.
We signed one day before the appraisal was to expire. It's always rewarding and heart warming to know we had the opportunity to bring closure to these incredibly difficult loan scenarios. BTW, the home has 1940 tax base, is worth $1.5m and a new loan of only $550K.
This was a Chase loan and the LO/Chase team did cartwheels to get this loan boarded. It did fund yesterday, |
