Posted on: 07th Feb, 2011 02:15 pm
My Grandparents currently have a mortgage on their home in California. They are older and are now struggling to make the payments. They have asked me for help so I told them I would make the payments on their home until they pass away. That being said of course when they pass I would continue to make the payments until the home is paid or I eventually sell it. They are on Medi-Cal and has anyone hear ever heard of this, "Medi-Cal Estate Recovery Program or how it works..?
This I was thinking of doing. I would have my grandparents and I fill out the quitclaim deed giving me the rights to property..and continue to make their monthly mortgage payments from my bank account with a check to prove I have been making payments on the property. I recently had a bankruptcy and cannot qualify for a purchase at this time(or else I would have bought and let my grandparents live their for free).
So would a quitclaim deed stop medi-care from taking the property when my grandparents pass..? and would I be able to continue making the payments to their mortgage company once they have passed..?
Any help on this situation would be very helpful for me.. If I missed any detail or something else is need please reply and let me know..THANKS
Fernando Garcia
This I was thinking of doing. I would have my grandparents and I fill out the quitclaim deed giving me the rights to property..and continue to make their monthly mortgage payments from my bank account with a check to prove I have been making payments on the property. I recently had a bankruptcy and cannot qualify for a purchase at this time(or else I would have bought and let my grandparents live their for free).
So would a quitclaim deed stop medi-care from taking the property when my grandparents pass..? and would I be able to continue making the payments to their mortgage company once they have passed..?
Any help on this situation would be very helpful for me.. If I missed any detail or something else is need please reply and let me know..THANKS
Fernando Garcia
Hi eekme!
Welcome to forums!
Well... it will be a better option to get in touch with a local attorney and discuss the Medicare laws of your state and take his/her opinion before going for a property transfer.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Well... it will be a better option to get in touch with a local attorney and discuss the Medicare laws of your state and take his/her opinion before going for a property transfer.
Feel free to ask if you've further queries.
Sussane
Would I be able to continue making the payments to their mortgage company once they have passed on if, I quitclaim their house to my name.? A local attorney is quite expensive so, I was just looking for some online help before I went that far..
I will talk with someone locally also though, Thanks..!
I will talk with someone locally also though, Thanks..!
Jameshogg: Thanks for the reply, your answer was very helpful..! Would the lender ask now...or after my grandparents have passed on..?