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Old 04-07-2010, 06:38 PM
 
14 posts, read 69,624 times
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I have been caring for my father in his home for 3 years. In January, he was hospitalized and was placed in a long term care facility, where he will, unfortunately, remain. He has a mortgage on the current home, but owns the vacant lot next door outright (no liens-never included in mtg.). I do work, and he gets only social security, and soon I will have to pay nursing care. I can no longer afford to keep paying this mortgage, and have had the house and lot listed conventionally since Feb. 2010 with no offers. I am now looking for a possible short sale, and wish to take the spare land off the table. Can I file a regular quit claim deed as his POA and get this asset out from under his name for the lot only? Should I just purchase the lot myself for a small sum? Can I somehow gift it from him to me? It is not worth a lot- I will probably sell it for 8K or so. Any advise would e appreciated!! (Btw- he still has his faculties, and can sign paperwork if necessary. Thanks!
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Old 04-07-2010, 06:57 PM
 
Location: MID ATLANTIC
8,338 posts, read 21,312,516 times
Reputation: 9715
If the lot isn't attached to the other mortgage, you're in pretty good shape. Unfortunately, your questions need to be answered by someone familiar with Florida law. (My guess is you are fine with dad's signature, notarized - quit claimed to you for sale. Most states require the POA to be recorded - why add on to the expenses? And the POA would have to be "up to snuff.")

If you have dropped your price for short sale, contact the lender....they may participate w/ HAFA (Home Affordable Foreclosure Alternatives). If they do, you could be in luck - dad could be indemnified, and get $1500 relocation expenses.
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Old 04-07-2010, 07:23 PM
 
14 posts, read 69,624 times
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Thanks SmartMoney! I have not heard of that program...I'm a bit of a real estate knowledge slacker... I am trying to learn as I go along, as I will have to relocate! (Recently on the bad end trying to buy myself a short sale). I do have a power of attorney- what do you mean by "up to snuff"? It is from June of 2008, but was prepared by a FL family law attorney. Maybe I should have a more current one signed? Do they expire?It does allow me to buy & sell his real estate. Thanks again, and I will be looking into that HAFA thingy now!
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Old 04-07-2010, 11:20 PM
 
Location: Lady Lake, Fl USA
111 posts, read 238,309 times
Reputation: 60
Default Beware of Real Estate in Florida . . .

Quote:
Originally Posted by anneelizabeth View Post
Thanks SmartMoney! I have not heard of that program...I'm a bit of a real estate knowledge slacker... I am trying to learn as I go along, as I will have to relocate! (Recently on the bad end trying to buy myself a short sale). I do have a power of attorney- what do you mean by "up to snuff"? It is from June of 2008, but was prepared by a FL family law attorney. Maybe I should have a more current one signed? Do they expire?It does allow me to buy & sell his real estate. Thanks again, and I will be looking into that HAFA thingy now!
----
-) I would not use the power of attorney to deed the house or the lot from your father to yourself. Any transaction deemed to be 'self-serving' can be challenged in court, and 'undone'.
-) He should sign a Warranty Deed prepared by someone other than you.
-) Be aware that, if he sells as a 'short-sale', that 'shortage' can be collected from him or his estate for the next 25 years! Unless the documentation specifically satisfies the mortgage and cancels the Promissory Note.
-) Buying a 'short-sale' can also be a nightmare! Foreclosures are often priced right and all the legal work has been done. So the Owner/Lender will give you clear title insurance coverage at closing.
Hope this helps . . . . .
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Old 04-08-2010, 09:25 AM
 
9,803 posts, read 14,946,844 times
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In many states, the nursing home would be getting any property that your father owned.

Signing property over to someone else shortly before entering a nursing home doesn't protect it.

Some states allow nursing homes to go back 5 years to collect debt.

I use the term--nursing homes--, but the claim may come from the entity of welfare that is paying the balance between a SS check and the monthly charge of a nursing home.

Surprised so many posters didn't realize that.
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Old 04-08-2010, 07:19 PM
 
14 posts, read 69,624 times
Reputation: 11
The long term care facility is currently covered for the first 30 days by medicare. 31-100 is covered by medicare, and the remaining 20% by the medicare supplement he pays for, AARP. On the 101st day, neither plan pays anymore. I private pay (and have for 5 years now) long term care insurance, which will pay out at $100 per day ($3000 per month) but that still leave a balance owed by him of about $700-$900 that his Veteran's benefits will pay for as long as he doesn't have multiple assets. No one is owed anything at this point, and I am trying to keep it that way!! My Dad has always paid his bills... he is very much against the short sale, but I cannot afford his mtg. and see no other way. If I sell the lot, of course that monies would go towards his care- I just thought I could get more out of it than if it was taken outright.
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