Los Angeles, CA
The borrower is named as a trustee for the trust of her deceased longtime boyfriend. The trust consists of 5 properties, inclusive of the subject property. While she is the trustee for the real estate assets, she is not named on the checking and savings accounts for the deceased. As such, $280K is frozen as the court administers the will to transfer the cash assets to the Trust and thereby to the borrower. However, since his passing, the borrower has been unable to make payments on the subject property which has been vacant to expedite a sale. The bank who holds the existing first lien on the subject property has moved to foreclose. The purpose of this loan is to satisfy the existing loan, property taxes, insurance, and provide 6 months of capital to satisfy the interest payments on the new loan.