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Post by Deleted on Apr 15, 2019 12:31:44 GMT -5
Two minutes of interviewing them would clear up any grand scheming thoughts they might have had.
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hoops902
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Post by hoops902 on Apr 15, 2019 12:35:33 GMT -5
Two minutes of interviewing them would clear up any grand scheming thoughts they might have had. Lol, that was actually my biggest worry in the other direction. That I'd go into it thinking "nobody would be this bad at fraud, so it must look SO bad because there's actually a totally reasonable explanation" and walk out 2 minutes later like "I asked them how their day was going, and they just inadvertently admitted to the whole thing being a poor attempt at fraud".
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tloony
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Post by tloony on Apr 15, 2019 12:45:47 GMT -5
Two minutes of interviewing them would clear up any grand scheming thoughts they might have had. Lol, that was actually my biggest worry in the other direction. That I'd go into it thinking "nobody would be this bad at fraud, so it must look SO bad because there's actually a totally reasonable explanation" and walk out 2 minutes later like "I asked them how their day was going, and they just inadvertently admitted to the whole thing being a poor attempt at fraud". So all people who aren’t poor so paranoid? Do they all create their own bullshit that has nothing to do with OP and just playing with it? Just curious...
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hoops902
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Post by hoops902 on Apr 15, 2019 12:50:09 GMT -5
Lol, that was actually my biggest worry in the other direction. That I'd go into it thinking "nobody would be this bad at fraud, so it must look SO bad because there's actually a totally reasonable explanation" and walk out 2 minutes later like "I asked them how their day was going, and they just inadvertently admitted to the whole thing being a poor attempt at fraud". So all people who aren’t poor so paranoid? Do they all create their own bullshit that has nothing to do with OP and just playing with it? Just curious... Why worry about your OP? You told us there that you were getting money, then 3-4 pages later you tell us you aren't doing it. You tell us you're trying to get equity out of the house, then 3-4 pages later say it's your daughter's house and you never thought anything about taking equity out. What's the difference between us making things up or you making things up? ETA: Even though that's a rhetorical question, the real difference between you making things up or us making things up is that our made-up stuff makes more sense.
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giramomma
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Post by giramomma on Apr 15, 2019 12:54:05 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. And how does the boy toy feel about funding your DD's inheritance? I'm assuming you won't be doing anything to protect/fund his kiddo's inheritance.
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hoops902
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Post by hoops902 on Apr 15, 2019 12:55:22 GMT -5
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. And how does the boy toy feel about funding your DD's inheritance? I'm assuming you won't be doing anything to protect/fund his kiddo's inheritance. It's only DD's inheritance until she can figure out a way to get the equity out of it without increasing her interest rate. So if rates go down enough, all of a sudden it's not her inheritance anymore.
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oped
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Post by oped on Apr 15, 2019 13:02:04 GMT -5
I never said you were taking the loan looney. I asked if you had clarified the details so you could make a good decision. However that seems moot because you aren't going to do it anyway, which does seem like a good choice.
There are some things to think about here that others have brought up. If your husband goes on medicaid it won't be his decision to sell the house, the government will come for his assets and if the house is his asset and you are not married they will force the issue. He won't have a say.
Also, as someone noted, if your boyfriend moves in and pays the mortgage, there could be implications for him being able to claim an interest as well.
These are good things to think about and ask legal aide to clarify for you.
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NoNamePerson
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Post by NoNamePerson on Apr 15, 2019 13:19:31 GMT -5
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NastyWoman
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Post by NastyWoman on Apr 15, 2019 14:28:31 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. It could be seized for other reasons, too. If he causes serious injuries in a car accident and doesn't have enough insurance (most people carry only a max of $50K per accident or less) to cover the injuries sustained by the people he hit, if he stops paying taxes, if he has significant unpaid medical expenses.... it's an asset that creditors can grab if he has unpaid debts. You do need to get him off the mortgage and get him to sign a deed giving his interest in the property to you. If he has a good lawyer, you won't get him to sign a deed till you've refinanced solely in your name. So... how is your new BF doing financially? Maybe he can help... Is that true though (in the Looney-verse)?
I would think that he HAS to be taken of the deed to the house to protect the home but that the bank probably would not allow that unless he would be removed from the mortgage as well. However, if he is not on the deed to the house wouldn't he just have a liability without an underlying asset? In other words: if he is not on the deed I don't think anyone would be able to go after the house for something caused by Looney's STBX?
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Post by Deleted on Apr 15, 2019 14:45:10 GMT -5
I would think that he HAS to be taken off the deed to the house to protect the home but that the bank probably would not allow that unless he would be removed from the mortgage as well. However, if he is not on the deed to the house wouldn't he just have a liability without an underlying asset? In other words: if he is not on the deed I don't think anyone would be able to go after the house for something caused by Looney's STBX? I'm not sure how that works- I agree that the safest thing is for him to be off of both documents. I seem to remember that, back when I read the newspaper and there was a real estate advice column, the columnist would occasionally get letters from distressed Exes who had signed away their ownership of the property but were still on the mortgage because the partner who now held 100% of the house wouldn't or couldn't refinance. So... maybe it CAN happen that way?
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NastyWoman
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Post by NastyWoman on Apr 15, 2019 14:50:10 GMT -5
@athena53 I remember reading similar things. But now I am just afraid that I have given a certain person a new idea.
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hoops902
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Post by hoops902 on Apr 15, 2019 14:53:44 GMT -5
I would think that he HAS to be taken off the deed to the house to protect the home but that the bank probably would not allow that unless he would be removed from the mortgage as well. However, if he is not on the deed to the house wouldn't he just have a liability without an underlying asset? In other words: if he is not on the deed I don't think anyone would be able to go after the house for something caused by Looney's STBX? I'm not sure how that works- I agree that the safest thing is for him to be off of both documents. I seem to remember that, back when I read the newspaper and there was a real estate advice column, the columnist would occasionally get letters from distressed Exes who had signed away their ownership of the property but were still on the mortgage because the partner who now held 100% of the house wouldn't or couldn't refinance. So... maybe it CAN happen that way? A lot of times that situation is a divorce decree that says "you get the house, you need to refinance it in your name only" and then the person simply can't get approved. So the spouse who leaves the house gets their name off the house as part of the divorce decree, then the other party can't/won't complete their portion of the decree. So it can definitely happen, but it's typically because some part of the divorce decree hasn't been followed through with.
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Post by Deleted on Apr 15, 2019 15:43:43 GMT -5
Our divorce didn't have anything stipulating I had to refinance. I'm not an asshole though, so as soon as I could (which was still a long time unfortunately), I did. He even refinanced with me once in that time frame.
eta: I have heard that some states (or is it banks) don't allow that though. The thought being if you're not on the title you don't really care about paying the mortgage or losing the house, so you're not a great joint cosigner.
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Post by Deleted on Apr 15, 2019 16:07:38 GMT -5
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tloony
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Post by tloony on Apr 15, 2019 16:20:45 GMT -5
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. And how does the boy toy feel about funding your DD's inheritance? I'm assuming you won't be doing anything to protect/fund his kiddo's inheritance. He is actually a grown up man and nobody’s toy. And I have some thoughts about his son but it’s up to him if we will agree on it...too soon to tell.
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Post by Deleted on Apr 15, 2019 16:47:22 GMT -5
I don't know if the house under discussion is in an area that offers homestead protection which around here basically means you can't lose the house you LIVE IN IT for anything other than non-payment of a mortgage secured by the house. But, if the STBX does NOT LIVE IN the house (which seems to be the case), it becomes what we here in HOA land call a non-protected asset which means it's fair game for any and all claims against the owner. For instance, Mr. ABC owns a house but rents it out and lives elsewhere. Mr. ABC failed to pay a legal bill of around $13,000 related to actions against him. Lien was filed, house seized and scheduled for sale on courthouse steps to satisfy lien. House would have gone for about $120,000, lienholder gets $13,000, homeowner gets remainder of cash. Except it seems that Mr. ABC had a $200,000 plus obligation to his ex so house would have gone for $120,000, lienholder gets $13,000, ex wife gets all the rest and Mr. ABC gets diddly squat.
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tloony
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Post by tloony on Apr 15, 2019 20:13:44 GMT -5
I don't know if the house under discussion is in an area that offers homestead protection which around here basically means you can't lose the house you LIVE IN IT for anything other than non-payment of a mortgage secured by the house. But, if the STBX does NOT LIVE IN the house (which seems to be the case), it becomes what we here in HOA land call a non-protected asset which means it's fair game for any and all claims against the owner. For instance, Mr. ABC owns a house but rents it out and lives elsewhere. Mr. ABC failed to pay a legal bill of around $13,000 related to actions against him. Lien was filed, house seized and scheduled for sale on courthouse steps to satisfy lien. House would have gone for about $120,000, lienholder gets $13,000, homeowner gets remainder of cash. Except it seems that Mr. ABC had a $200,000 plus obligation to his ex so house would have gone for $120,000, lienholder gets $13,000, ex wife gets all the rest and Mr. ABC gets diddly squat. Yes PA is homestead state. And I live in the house. And I am pretty sure nothing and nobody can touch it. No obligations to anybody. Thanks
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oped
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Post by oped on Apr 15, 2019 20:17:00 GMT -5
But he isn't going to be living in the house and you won't be married. I think that could be a problem. It is HIS non protected asset.
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tloony
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Post by tloony on Apr 15, 2019 20:18:13 GMT -5
But he isn't going to be living in the house and you won't be married. I think that could be a problem. It is HIS non protected asset. Non protected? Does anyone cares? If mortgage is paid?
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oped
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Post by oped on Apr 15, 2019 20:21:11 GMT -5
Yes. IF he were to go on medicaid, the state will want him to pay down all of his assets before the state starts paying for his care. This means that they could take his half of the house. I believe this means they could possibly force you to sell it if you could not buy him out.
Alternately if someone sued him... say he ran into someone with his car or something, i don't know, anything. If they had a judgement against him i believe they could also attach his assets, which in this case would be half of your house.
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Post by Deleted on Apr 15, 2019 20:24:06 GMT -5
But he isn't going to be living in the house and you won't be married. I think that could be a problem. It is HIS non protected asset. Non protected? Does anyone cares? If mortgage is paid? You're not understanding. He's 63 with no money but the equity in that house. If he ends up in a nursing home they won't care if the mortgage is being paid. They'll be happy it's getting paid because that means there's more equity to seize to pay his bills. You can't have more than something like 2K in assets for the government to take care of you. It doesn't even have to be that. He could go out and spend a fortune on credit cards on his 44 year old girlfriend and declare bankruptcy. The courts would force the sale of the house then too. It's not a protected asset of his if he's renting somewhere else.
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tloony
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Post by tloony on Apr 15, 2019 20:29:08 GMT -5
Yes. IF he were to go on medicaid, the state will want him to pay down all of his assets before the state starts paying for his care. This means that they could take his half of the house. I believe this means they could possibly force you to sell it if you could not buy him out. Alternately if someone sued him... say he ran into someone with his car or something, i don't know, anything. If they had a judgement against him i believe they could also attach his assets, which in this case would be half of your house. We have $100/$300k insurance. And If Medicare is accepting him - it’s because he is on SSD and considered poor. They shouldn’t accept him on medical assistance IF they think he isn’t eligible. Ok. I don’t think you guys are aware... I had a patient who owed house with son and DIL and lived in HUD house and received all gov benefits. Nobody told her she had whatever asset and she has to sell the house, get third and pay anybody. I think you are mistaking something here all the way.
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tloony
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Post by tloony on Apr 15, 2019 20:31:48 GMT -5
Non protected? Does anyone cares? If mortgage is paid? You're not understanding. He's 63 with no money but the equity in that house. If he ends up in a nursing home they won't care if the mortgage is being paid. They'll be happy it's getting paid because that means there's more equity to seize to pay his bills. You can't have more than something like 2K in assets for the government to take care of you. It doesn't even have to be that. He could go out and spend a fortune on credit cards on his 44 year old girlfriend and declare bankruptcy. The courts would force the sale of the house then too. It's not a protected asset of his if he's renting somewhere else. He is NOT going to end up in a nursing home. And bk filed has a clause to SAVE the house for owners. I’ve seen a lawyer years ago and he said the house will be never lost.
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Post by Deleted on Apr 15, 2019 20:33:48 GMT -5
You're not understanding. He's 63 with no money but the equity in that house. If he ends up in a nursing home they won't care if the mortgage is being paid. They'll be happy it's getting paid because that means there's more equity to seize to pay his bills. You can't have more than something like 2K in assets for the government to take care of you. It doesn't even have to be that. He could go out and spend a fortune on credit cards on his 44 year old girlfriend and declare bankruptcy. The courts would force the sale of the house then too. It's not a protected asset of his if he's renting somewhere else. He is NOT going to end up in a nursing home. And bk filed has a clause to SAVE the house for owners. I’ve seen a lawyer years ago and he said the house will be never lost. How do you know he's not going to end up in a nursing home? He could have a stroke tomorrow for all you know. And bankruptcy protection on the house is only the home you're LIVING in. Not the house your ex wife is living in.
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tloony
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Post by tloony on Apr 15, 2019 20:37:08 GMT -5
He is NOT going to end up in a nursing home. And bk filed has a clause to SAVE the house for owners. I’ve seen a lawyer years ago and he said the house will be never lost. How do you know he's not going to end up in a nursing home? He could have a stroke tomorrow for all you know. And bankruptcy protection on the house is only the home you're LIVING in. Not the house your ex wife is living in. Nobody supposed to know he is not living in! His clothes and shit is still here...
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laterbloomer
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Post by laterbloomer on Apr 15, 2019 20:45:13 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.
That's what I was going to say. I don't think Medicaid would look at it twice. As long as their really divorced it is very believable that she would protect her investment from his health issues.
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laterbloomer
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Post by laterbloomer on Apr 15, 2019 21:12:31 GMT -5
How do you know he's not going to end up in a nursing home? He could have a stroke tomorrow for all you know. And bankruptcy protection on the house is only the home you're LIVING in. Not the house your ex wife is living in. Nobody supposed to know he is not living in! His clothes and shit is still here... Ya, THAT will get you in trouble.
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Post by Deleted on Apr 15, 2019 21:39:01 GMT -5
I stayed on the mortgage but signed away the house. I did get retirement $$$ for my share. Ironically, I had to sign it away again because ex's lawyer lost the paperwork or something.
Still, Looney, this is so messy. You can't refinance it without his signature. You can't sell it either. All he has to do is insist on his share to derail any plans you make. And then there are all the other potential problems other posters have mentioned.
Buy your ex out and get his name off the deed. Do you guys have CC debt? We subtracted half of that from my equity.
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NoNamePerson
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Post by NoNamePerson on Apr 16, 2019 6:52:20 GMT -5
I stayed on the mortgage but signed away the house. I did get retirement $$$ for my share. Ironically, I had to sign it away again because ex's lawyer lost the paperwork or something. Still, Looney, this is so messy. You can't refinance it without his signature. You can't sell it either. All he has to do is insist on his share to derail any plans you make. And then there are all the other potential problems other posters have mentioned. Buy your ex out and get his name off the deed. Do you guys have CC debt? We subtracted half of that from my equity. Surely you jest - I see this happening and a real logical explanation of why/how it was done. I bet he comes up missing and will be declared dead within a year or so!!!!
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hoops902
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Post by hoops902 on Apr 16, 2019 7:49:36 GMT -5
How do you know he's not going to end up in a nursing home? He could have a stroke tomorrow for all you know. And bankruptcy protection on the house is only the home you're LIVING in. Not the house your ex wife is living in. Nobody supposed to know he is not living in! His clothes and shit is still here... C'mon guys, we're all just not understanding. If she gets caught committing fraud she'll just commit MORE fraud to cover it up...obviously! Like my daddy used to say, if you start digging a hole, just keep digging, eventually you'll come out on the other side of the world far away from all your problems.
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