Posted on: 23rd Jan, 2009 11:56 am
If a person quit claims a property to a relative but still has a mortgage note, is the propertyconsidered an asset of the original owner. If that original owner should need to go on Medicaid, would the home be viewed as an asset?
Hi dcmiller
Though the mortgage is in the name of the original owner, the property has now been transferred in the name of the relative. So I don't think that the property will be considered as the original owner's asset neither will it be a part of his estate.
Thanks.
Though the mortgage is in the name of the original owner, the property has now been transferred in the name of the relative. So I don't think that the property will be considered as the original owner's asset neither will it be a part of his estate.
Thanks.