Selling a house by owner is a complex process. Some buyers are known to try to game the system, especially those selling their homes by owner. A great real estate attorney will help ensure your deal goes through when selling a home by owner.
When you hold the title to a home it's considered your asset and Medicaid will take that into account when determining your benefits. What can you do to avoid Medicaid putting a lien on a home that you own but don't live in? How can you ensure that a family member can continue to live there and still meet your own financial needs for elder care?
It's illegal to hold a lottery to sell a house, even though with the financial crisis it might seem like a good option. The reason it's illegal to use a lottery to sell a home is that it could lead to fraud -- it's hard to know who owns the home, who won the home, who has the right to give away the home. To prevent fraud in contests most states have extensive rule requirements -- the small print at the end of contest entry forms. While holding a lottery to sell a home may seem like a quick solution, it's banned by law.
When siblings inherit a home together they may want to sell the property and cash out. Can one brother live at the property with a reverse mortgage and the other siblings still cash out? One family considers getting a reverse mortgage or home equity loan to meet the needs of all involved. Ilyce suggests talking with a financial planner about selling the property and the related options such as a reverse mortgage.
When searching for a debt management program, it's always a good idea to contact at least two companies for comparison. Looking at two different companies will allow you to see differences in their approach, and will be able to compare costs.
In a tough real estate market, it might seem as though a short sale would make sense. A short sale is when you sell your home for less than what you owe your mortgage lender. Your mortgage lender agrees to write off the difference in a short sale. But a short sale still has a negative effect on your credit and can become an issue if you try to buy another home in the near future.
A husband dies and leaves behind a large amount of credit card debt. His share of their assets would have to be used to pay off the credit card debt before the wife received what is left. The executor of the estate would have to find out what kinds of credit card debt the husband incurred and make a good faith effort to get them paid out of the estate monies.
If you're trying to sell your home in 2009 you may want to check out Ilyce's home seller resolutions for the new year. Ilyce's resolutions include pricing your home reasonably, get multiple comparative marketing analyses, groom your home for visitors and have some goals in mind for how soon you want to sell the home. Ilyce suggests staging the home before even the real estate agent sees it, if you're selling your home in 2009.
Elder care costs continue to rise. Families who need to pay for nursing home care may look to Medicaid but other assets such as stock may also need to be used. If you transfer assets within five years of a parent going to a nursing home, the Medicaid look back rule may take effect and require you to retrieve those assets to pay for the care. An attorney specializing in elder care can best advise on how to manage assets when sending a family member to a nursing home.
When you have a lot of student loan debt you may be debating when to buy a home. If you try to buy a home at the same time that you're repaying your student loans you may be spending a significant amount of your income on repaying debt. Aggressively paying down student loan debt and paying a mortgage may leave you little money for other things in your life.
