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My mother-in-law co-signed for a home loan for my wife and I 11 years ago. She is going into a nursing home and my wifes siblings want to apply for medicaid. I have made all the payments and would like to get it transferred over to me. How can I do this?
Optional Information: Country relating to Question: United States State (if USA): Ohio Already Tried: Mother-in-law says she will sign off if I refinance. Haven't started anything yet.
Welcome and thank you for your question!Loans are not "tranferred" in the sense that title to a piece of property is. Rather, what you have to do is have the home refinanced in your own name (or, if your credit is not sufficient, refinance the home with a new co-signor).Once the home is refinanced, that old Loan with your mom will be paid off and ended. It will be closed.You need to get the home refinanced.It has been my pleasure to assist you today with your information needs. It is my goal that you are satisfied. No expert can promise you an answer that is favorable to your circumstances. But I will do my very best to explain the legal principles that are related to the facts you’ve described so that you can better understand the “why” of things. What are your options now?If you wish to continue this conversation, click on the Continue Conversation link. If you are satisfied that I have answered your question, then please rate the answer with a four or a five so that I receive credit for assisting you. Positive ratings are the only way I receive credit for assisting you today.IF you feel the need to click either "Helped a little" or "I expected more," then do not rate me (not yet, anyway!). Instead, reply to me using the REPLY or CONTINUE CONVERSATION button. Specify what additional information you need and I will be happy to continue further and do everything I can to provide you with the service you seek. Thanks, JB
I understand I have to refinance, what I am concerned about is the medicaid / asset recovery portion / what extra-ordinary steps must I take to protect the portion I have already paid in.
Is her name just on the mortgage or is it on the deed?
It is a manufactured home and her name is XXXXX XXXXX 'title' with my wife. The loan company would not let us put more than two people on it.
Thank you. If her name is XXXXX XXXXX title then it is an asset attributed to her that will be used in determining Medicaid eligibility. If you and your siblings are now in the process of applying for Medicaid, there is nothing that can be done to change the look-back period. Changing the title, now, will not change anything relative to eligibility. You may want to consult and be actively assisted by a local elder law / estate planning attorney when preparing the Medicaid application. Before attending any meeting with the attorney, be sure you have gathered all of your paperwork and proof that you have made all of the payments.What are your options now?If you wish to continue this conversation, click on the Continue Conversation link. If you are satisfied that I have answered your question, then please rate the answer with a four or a five so that I receive credit for assisting you. Positive ratings are the only way I receive credit for assisting you today.IF you feel the need to click either "Helped a little" or "I expected more," then do not rate me (not yet, anyway!). Instead, reply to me using the REPLY or CONTINUE CONVERSATION button. Specify what additional information you need and I will be happy to continue further and do everything I can to provide you with the service you seek. Thanks, JB
Experience: Explains legal matters based on 14+ years experience.