Posted on: 31st Aug, 2010 04:35 am
my mother and i bought a house together 20 years ago. after a surgery that left me disabled and under home care my mother refinance the mortgage in her name since my credit is damaged due to my inability to work and medical bills. she has since moved and left me with the mortgage payment which i am making with my in-home caregiver who lives with me. is there any way to remove her from the deed (i am on it) and replace her with my live-in caregiver/partner even though we have bad credit and assume the mortgage payments. i owe $67,000 on the mortgage for another 15 years but the house is values at between $150,000-$180,000, so i have plenty of equity. she has agreed to sign off on the mortgage if i can find a way to do this since she needs to buy a home with some inheritance money she will be getting.
hi eric_bowman181
welcome to mortgagefit,
as you have told that you have enough equity in the home and your mother is also ready to sign off the mortgage.so with the simple process of novation, you could be able to transfer the mortgage to your caregiver.
firstly you need to inform it to your lender and it can smoothly arranged afterward.
feel free to ask any further query.
dipa
welcome to mortgagefit,
as you have told that you have enough equity in the home and your mother is also ready to sign off the mortgage.so with the simple process of novation, you could be able to transfer the mortgage to your caregiver.
firstly you need to inform it to your lender and it can smoothly arranged afterward.
feel free to ask any further query.
dipa
My caregivers credit is probably not good enough for a novation with the lender. Still will try. If not, are there other legal options? Also, since I'm on Medicaid because of my disability I'm receiving literature that Medicaid will try to recoup their money from my estate through the Medicaid Recovery Act that Bill Clinton signed into law. However, everything that I read says that it doesn't start until age 55. I will be 50 in October. Would it be safer (and legal!) to transfer the house deed to my caregiver/partner? How would eliminating this asset affect my disability benefits?
Hi Chris!
Welcome to forums!
As far as I know, transfer of property will make you ineligible for Medicaid benefits for the next 5 years. You should contact a local attorney who is well versed with the Medicaid laws of your state before you transfer the property to someone else.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, transfer of property will make you ineligible for Medicaid benefits for the next 5 years. You should contact a local attorney who is well versed with the Medicaid laws of your state before you transfer the property to someone else.
Feel free to ask if you've further queries.
Sussane