Inheritance Funding Company, Inc.
Frequently Asked Questions
1. Who is eligible to receive a cash advance from IFC?
An heir who will be inheriting at least 17,000 from a probate which is already open or is currently being opened.
2. What does IFC receive in return for the cash advance?
In return for a present cash payment from IFc, the heir sells to (technically "assigns to") IFC the right to receive a fixed amount of money out of the heir's share of the estate.
3. When does IFC get paid?
IFC is paid directly from the estate upon distribution. Funds not needed to satisfy the assignment are distributed directly to the heir.
4. Are there any application fees?
No. Fees are charged only for funded deals, and are deducted from the advance.
5. Will credit problems prevent me from getting an advance?
IFC obtains a credit report in preparing a case for funding, primarily to determine that there are no judgements, child support or bankruptcy proceedings that might interfere with payment on the assignment. A poor credit record alone, including delinquencies, discharges in bankruptcy. foreclosures, et., will generally not prevent an heir from receiving an advance.
6. Are monthy payments required to repay the advance?
No. IFC is paid directly and in full from the estate at the time distribution is authorized.
7. What if there are insufficent funds in the estate to pay IFC?
This is one of the risks IFC assumes when it accepts an assignment from an heir. The heir who gives true information on the application and honors the assigment agreement has no personal liability for payment of the advance.
8. What happens if a previously unknown creditor makes a claim on the estate?
This is one of the ways an estate may end up with insufficient funds to pay IFC in full, and it is a risk IFC assumes. IFC can only receive those distributions from the probate that are due to the heir. Medical claims arising out the last illness are a major concern. IFC absorbs the loss and has no recourse to the heir, unless, of course, the heir was aware of the claim(s) and failed to tell IFC about it in the application process.
9. What happens if the distribution of the estate is delayed?
IFC mush wait until the estate is ready to distribute. There is no recourse to the funded heir for any delays in the distribution. This is another one of the risks IFC assumes.
10. Are there any geographic limitations on funding?
No, but most advances are to heirs here in the United State. Advances based on estates in other countries are considered only in very limited circumstances and require detailed, reliable information about the estate and full cooperation from the estate attorney.
11. What if the probate is in a different state?
It is common for the heirs of an estate to reside in a state different from the deceased's state. This rarely causes a difficulty.
12. What are the criteria that determine the cost of an advance from IFC?
The size of the advance, complexity of the estate, and the estimated time to distribution are the major factos affecting pricing.
13. Are there minimums and maximums for cash advanced by IFC to an heir?
IFC's advances normally range from 5,000 to 100,000. As a rough rule of thumb, assume the advance cannot exceed 30% of an heir's expected distribution from an estate.
14. How can I get more information and a cash advance from IFC.
For questions and forms please email me at patchesprobate@hotmail.com
or call me at: 626-964-8805 or 626-378-5839