tloony
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Post by tloony on Apr 15, 2019 10:59:36 GMT -5
Loony, what everyone is trying to tell you is you could lose the house if he goes on medicaid. Medicaid forces you to liquidate all your assets and that house is one of his assets. Oh...ok. How can I write him off the deed?
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hoops902
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Post by hoops902 on Apr 15, 2019 11:00:04 GMT -5
You laid out the details, said they're giving you money, then said you didn't know what you are getting into. So...you did? No. I am too cozy with my mortgage amount and Chase as my lender. I am feeling protected being with Chase. Well...you said you did. Whether that was true or not I can't really speak to. I can only go by what you told us.
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hoops902
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Post by hoops902 on Apr 15, 2019 11:00:56 GMT -5
Loony, what everyone is trying to tell you is you could lose the house if he goes on medicaid. Medicaid forces you to liquidate all your assets and that house is one of his assets. Oh...ok. How can I write him off the deed? Refinance, pay him his equity, and put the house in your own name as you essentially "buy it" from him.
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tloony
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Post by tloony on Apr 15, 2019 11:04:46 GMT -5
Oh...ok. How can I write him off the deed? Refinance, pay him his equity, and put the house in your own name as you essentially "buy it" from him. Ok. Why do I have to refinance if I have best deal ever now? I can’t buy him out. What else can I do?
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tloony
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Post by tloony on Apr 15, 2019 11:05:48 GMT -5
No. I am too cozy with my mortgage amount and Chase as my lender. I am feeling protected being with Chase. Well...you said you did. Whether that was true or not I can't really speak to. I can only go by what you told us. I said it. I didn’t do it...
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Post by Deleted on Apr 15, 2019 11:10:53 GMT -5
Loony, what everyone is trying to tell you is you could lose the house if he goes on medicaid. Medicaid forces you to liquidate all your assets and that house is one of his assets. Oh...ok. How can I write him off the deed? Well, if he doesn't care about being in a really bad spot, (namely owing on a house he doesn't actually own) he can be quit claimed off of the deed and left on the mortgage. This is what I did in my divorce. I could not afford to buy him out, so he stayed on the mortgage for 8 years until I could refinance in my own name.
If I was your ex, I wouldn't agree to it before at least getting my equity, but maybe he won't care.
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TheOtherMe
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Post by TheOtherMe on Apr 15, 2019 11:14:22 GMT -5
For his sake and financial health, I hope he doesn't agree to be on the mortgage when he is no longer married.
He should take his equity if anyone is giving him decent financial advice.
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gs11rmb
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Post by gs11rmb on Apr 15, 2019 11:15:31 GMT -5
God helps those who help themselves...
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NoNamePerson
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Post by NoNamePerson on Apr 15, 2019 11:16:06 GMT -5
For his sake and financial health, I hope he doesn't agree to be on the mortgage when he is no longer married. He should take his equity if anyone is giving him decent financial advice. He's getting his advice from looney!
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TheOtherMe
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Post by TheOtherMe on Apr 15, 2019 11:17:03 GMT -5
For his sake and financial health, I hope he doesn't agree to be on the mortgage when he is no longer married. He should take his equity if anyone is giving him decent financial advice. He's getting his advice from looney! That is a big mistake.
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NoNamePerson
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Post by NoNamePerson on Apr 15, 2019 11:19:07 GMT -5
He's getting his advice from looney! That is a big mistake. No sh##.
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hoops902
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Post by hoops902 on Apr 15, 2019 11:22:41 GMT -5
Oh...ok. How can I write him off the deed? Well, if he doesn't care about being in a really bad spot, (namely owing on a house he doesn't actually own) he can be quit claimed off of the deed and left on the mortgage. This is what I did in my divorce. I could not afford to buy him out, so he stayed on the mortgage for 8 years until I could refinance in my own name.
If I was your ex, I wouldn't agree to it before at least getting my equity, but maybe he won't care. And I'm not sure of the legal repercussions...but if I were Medicaid, I might argue that it looks an awful lot like trying to hide assets.
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Post by Deleted on Apr 15, 2019 11:32:21 GMT -5
Well, if he doesn't care about being in a really bad spot, (namely owing on a house he doesn't actually own) he can be quit claimed off of the deed and left on the mortgage. This is what I did in my divorce. I could not afford to buy him out, so he stayed on the mortgage for 8 years until I could refinance in my own name.
If I was your ex, I wouldn't agree to it before at least getting my equity, but maybe he won't care. And I'm not sure of the legal repercussions...but if I were Medicaid, I might argue that it looks an awful lot like trying to hide assets. I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person.
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tloony
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Post by tloony on Apr 15, 2019 11:33:07 GMT -5
No sh##. Shhh! Don’t tell him that!
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gs11rmb
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Post by gs11rmb on Apr 15, 2019 11:34:23 GMT -5
And I'm not sure of the legal repercussions...but if I were Medicaid, I might argue that it looks an awful lot like trying to hide assets. I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. But it sounds as if that's the only asset. Still, isn't the look back period 7 years. If he's healthy then it may not be an issue. Of course, it sounds to me as if she's deliberately defrauding her husband. Just because he doesn't have a clue doesn't mean it's OK to take the house and leave him with nothing.
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tloony
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Post by tloony on Apr 15, 2019 11:34:47 GMT -5
Well, if he doesn't care about being in a really bad spot, (namely owing on a house he doesn't actually own) he can be quit claimed off of the deed and left on the mortgage. This is what I did in my divorce. I could not afford to buy him out, so he stayed on the mortgage for 8 years until I could refinance in my own name.
If I was your ex, I wouldn't agree to it before at least getting my equity, but maybe he won't care. And I'm not sure of the legal repercussions...but if I were Medicaid, I might argue that it looks an awful lot like trying to hide assets. Do you guys sleep with lights on? Lmao...hahaha...omg! Thanks for the laughs...
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tloony
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Post by tloony on Apr 15, 2019 11:36:10 GMT -5
And I'm not sure of the legal repercussions...but if I were Medicaid, I might argue that it looks an awful lot like trying to hide assets. I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. Yep! And he is going to go to jail for hiding assets and I’ll still keep the house? JESUS!!! Take these people paranoia away please...and replacebit with joy and happiness!
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hoops902
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Post by hoops902 on Apr 15, 2019 11:38:38 GMT -5
And I'm not sure of the legal repercussions...but if I were Medicaid, I might argue that it looks an awful lot like trying to hide assets. I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. Except she's not paying him half the assets. He would essentially be "giving" her the house equity, with no payment to him, but agreeing to keep on paying the mortgage. That would seem to LOOK an awful lot like what is likely actually happening...i.e. I'm going to take my name off the house but we'll have a handshake deal that later on you'll give me equity that nobody will know about. Divorce and half the assets to the other person is much different looking than divorce, giving all the assets to one person, and agreeing to keep your name on the debt. Particularly when there's a significant age gap and one party getting fairly old. It starts to LOOK an awful lot like hiding assets, or even a divorce specifically TO hide assets...but done in such a way that it seems to not even be a good job of hiding it.
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tloony
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Post by tloony on Apr 15, 2019 11:39:58 GMT -5
I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. But it sounds as if that's the only asset. Still, isn't the look back period 7 years. If he's healthy then it may not be an issue. Of course, it sounds to me as if she's deliberately defrauding her husband. Just because he doesn't have a clue doesn't mean it's OK to take the house and leave him with nothing. OMG! Nobody defrauding anybody. He knows this house is our daughters only inheritance and we are keeping it so she can have SOMETHING when we are no more. She can sell it or live in it. It’s hers. We’ve agreed upon it. So none of us basically owns it. That’s why no equity expected by any of us.
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hoops902
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Post by hoops902 on Apr 15, 2019 11:40:01 GMT -5
I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. Yep! And he is going to go to jail for hiding assets and I’ll still keep the house? JESUS!!! Take these people paranoia away please...and replacebit with joy and happiness! No, they're going to take your house as they charge both of you with fraud and consider the house his asset.
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hoops902
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Post by hoops902 on Apr 15, 2019 11:42:04 GMT -5
But it sounds as if that's the only asset. Still, isn't the look back period 7 years. If he's healthy then it may not be an issue. Of course, it sounds to me as if she's deliberately defrauding her husband. Just because he doesn't have a clue doesn't mean it's OK to take the house and leave him with nothing. OMG! Nobody defrauding anybody. He knows this house is our daughters only inheritance and we are keeping it so she can have SOMETHING when we are no more. She can sell it or live in it. It’s hers. We’ve agreed upon it. So none of us basically owns it. That’s why no equity expected by any of us. If neither of you own it, then who does? I like "no equity expected by any of us" even though you've spent weeks on here trying to figure out how to take equity out of it for your own benefit lol.
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Post by Deleted on Apr 15, 2019 11:44:46 GMT -5
I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. But it sounds as if that's the only asset. Still, isn't the look back period 7 years. If he's healthy then it may not be an issue. Of course, it sounds to me as if she's deliberately defrauding her husband. Just because he doesn't have a clue doesn't mean it's OK to take the house and leave him with nothing. That's why I said if I was him I wouldn't consider being taken off the deed without being given my share of the equity first.
Lookback for Medicaid is only 5 years.
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Post by Deleted on Apr 15, 2019 11:46:44 GMT -5
But it sounds as if that's the only asset. Still, isn't the look back period 7 years. If he's healthy then it may not be an issue. Of course, it sounds to me as if she's deliberately defrauding her husband. Just because he doesn't have a clue doesn't mean it's OK to take the house and leave him with nothing. OMG! Nobody defrauding anybody. He knows this house is our daughters only inheritance and we are keeping it so she can have SOMETHING when we are no more.She can sell it or live in it. It’s hers. We’ve agreed upon it. So none of us basically owns it. That’s why no equity expected by any of us. When did this change happen? Your posts up to now were about how to divide the equity between the two of you and how to pull the equity out, and how if your boyfriend moved in and paid, he'd be entitled to his share. If you take out another 75K equity there won't be much left to inherit but a mortgage.
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hoops902
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Post by hoops902 on Apr 15, 2019 11:48:54 GMT -5
But it sounds as if that's the only asset. Still, isn't the look back period 7 years. If he's healthy then it may not be an issue. Of course, it sounds to me as if she's deliberately defrauding her husband. Just because he doesn't have a clue doesn't mean it's OK to take the house and leave him with nothing. That's why I said if I was him I wouldn't consider being taken off the deed without being given my share of the equity first.
Lookback for Medicaid is only 5 years.
5 years on gifting. I'm not so sure fraud is just ignored after 5 years...there's a big difference between "I gave a gift away and have no actual control over it" and "I actually have a handshake agreement on some current assets that I'm simply not reporting". This probably wouldn't "look" like a gift (a gift would look like, I signed away the house and got off the mortgage and took no money with me), this LOOKS a lot more like "I'm still on the mortgage because I still have an actual interest in the house we're just hiding".
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Post by Deleted on Apr 15, 2019 11:53:43 GMT -5
That's why I said if I was him I wouldn't consider being taken off the deed without being given my share of the equity first.
Lookback for Medicaid is only 5 years.
5 years on gifting. I'm not so sure fraud is just ignored after 5 years...there's a big difference between "I gave a gift away and have no actual control over it" and "I actually have a handshake agreement on some current assets that I'm simply not reporting". This probably wouldn't "look" like a gift (a gift would look like, I signed away the house and got off the mortgage and took no money with me), this LOOKS a lot more like "I'm still on the mortgage because I still have an actual interest in the house we're just hiding". The divorce decree should spell out what his interest in the house is exactly. But nobody (including Loony) seems to know what is in that.
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hoops902
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Post by hoops902 on Apr 15, 2019 11:57:01 GMT -5
5 years on gifting. I'm not so sure fraud is just ignored after 5 years...there's a big difference between "I gave a gift away and have no actual control over it" and "I actually have a handshake agreement on some current assets that I'm simply not reporting". This probably wouldn't "look" like a gift (a gift would look like, I signed away the house and got off the mortgage and took no money with me), this LOOKS a lot more like "I'm still on the mortgage because I still have an actual interest in the house we're just hiding". The divorce decree should spell out what his interest in the house is exactly. But nobody (including Loony) seems to know what is in that. That's what would make it a hidden handshake deal (or make it LOOK like that, even if it isn't). All the paperwork makes it show as "oh a gift", but all the actions behind the scenes make it look like "wait, that's not even how an actual gift would work".
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tloony
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Post by tloony on Apr 15, 2019 11:58:26 GMT -5
I don't know if it would raise any more red flags than any other divorce where half the assets went to the other person. Except she's not paying him half the assets. He would essentially be "giving" her the house equity, with no payment to him, but agreeing to keep on paying the mortgage. That would seem to LOOK an awful lot like what is likely actually happening...i.e. I'm going to take my name off the house but we'll have a handshake deal that later on you'll give me equity that nobody will know about. Divorce and half the assets to the other person is much different looking than divorce, giving all the assets to one person, and agreeing to keep your name on the debt. Particularly when there's a significant age gap and one party getting fairly old. It starts to LOOK an awful lot like hiding assets, or even a divorce specifically TO hide assets...but done in such a way that it seems to not even be a good job of hiding it. I honestly think people need to lighten up on shit like ‘we all gonna die’...
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hoops902
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Post by hoops902 on Apr 15, 2019 12:02:32 GMT -5
Except she's not paying him half the assets. He would essentially be "giving" her the house equity, with no payment to him, but agreeing to keep on paying the mortgage. That would seem to LOOK an awful lot like what is likely actually happening...i.e. I'm going to take my name off the house but we'll have a handshake deal that later on you'll give me equity that nobody will know about. Divorce and half the assets to the other person is much different looking than divorce, giving all the assets to one person, and agreeing to keep your name on the debt. Particularly when there's a significant age gap and one party getting fairly old. It starts to LOOK an awful lot like hiding assets, or even a divorce specifically TO hide assets...but done in such a way that it seems to not even be a good job of hiding it. I honestly think people need to lighten up on shit like ‘we all gonna die’... I agree, we should probably all just lighten up on you telling us your plan to steal your daughter's inheritance so that you can go on vacation...totally chill. Defraud your husband, steal from your child...no big deal, just relax man!
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Post by Deleted on Apr 15, 2019 12:07:25 GMT -5
The divorce decree should spell out what his interest in the house is exactly. But nobody (including Loony) seems to know what is in that. That's what would make it a hidden handshake deal (or make it LOOK like that, even if it isn't). All the paperwork makes it show as "oh a gift", but all the actions behind the scenes make it look like "wait, that's not even how an actual gift would work". Giving the house and staying on the mortgage after a divorce, is not that uncommon.
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hoops902
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Post by hoops902 on Apr 15, 2019 12:11:00 GMT -5
That's what would make it a hidden handshake deal (or make it LOOK like that, even if it isn't). All the paperwork makes it show as "oh a gift", but all the actions behind the scenes make it look like "wait, that's not even how an actual gift would work". Giving the house and staying on the mortgage after a divorce, is not that uncommon.
It is when there are no other assets that the other party is taking away. It's a pretty uncommon divorce to have 2 people who are relatively poor and have one person say "you take the only real asset we have which is worth a big sum of money comparatively, I don't want any of it, but I'll continue to pay on the massive debt it holds". It's even more uncommon when there are no minor children to live in that house.
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