co-op purchase with no income?

[joelcoqui]

What is the name of your state (only U.S. law)? ny
What is the name of your state (only U.S. law)? NY
My 79 yo mom has her home in her two daughters name but can live there as long as she wants. I forget what its called..a living trust?
She has a SS income of $160 a month. She also has a mutual fund worth $300,000. She wants to buy a co-op to live in but is not allowed because of her income. Is there a way around this?

 

[LdiJ]

What is the name of your state (only U.S. law)? ny
What is the name of your state (only U.S. law)? NY
My 79 yo mom has her home in her two daughters name but can live there as long as she wants. I forget what its called..a living trust?
She has a SS income of $160 a month. She also has a mutual fund worth $300,000. She wants to buy a co-op to live in but is not allowed because of her income. Is there a way around this?

She could pay cash. However, why wouldn't she stay where she is?

 

[joelcoqui]

The co-op community will not accept cash. Then there is a monthly maintenence. Her house need much work and is too overwhelming for her to tackle.

 

[LdiJ]

The co-op community will not accept cash. Then there is a monthly maintenence. Her house need much work and is too overwhelming for her to tackle.

After reading your other thread I am not very interested in helping you out any further. You are far too interested in keeping your mother's money and assets instead of allowing her money and assets to be used for her care and comfort.

 

[You Are Guilty]

She wants to buy a co-op to live in but is not allowed because of her income. Is there a way around this?

Find a different co-op to buy? I imagine in this market, there must be some building desperate enough to accept an all cash deal. Maybe try a different agent?

But there is no law that says she must be allowed to pay cash (and in fact, not having any income is an excellent reason for her to be denied).

 

[joelcoqui]

This is a question of where she is going to live. I truly understand about the assets now. I learned alot. She is the one not letting go.

 

[justalayman]

The co-op community will not accept cash. Then there is a monthly maintenence. Her house need much work and is too overwhelming for her to tackle.

Won't accept cash? Simple:

she puts the purchase price plus any additional for interest owed (since many interest bearing accounts pay less in interest than what it would cost to borrow money) into an account and borrows against that. The bank locks the savings account so it cannot be reduced below the amount owed on the loan. It is called a secured loan. Happens every day.

Maintenance fees can be dealt with by paying ahead (many years) or having one of you children sign a co-liability agreement or both. I am sure there are other ways to effect a means to satisfy the future liabilities.


or, she could simply take some of the $300k and fix her current house.

or, since it appears it isn't actually her house but owned by a couple of her children, those children can repair their house.

 

[Ohiogal]

Won't accept cash? Simple:

she puts the purchase price plus any additional for interest owed (since many interest bearing accounts pay less in interest than what it would cost to borrow money) into an account and borrows against that. The bank locks the savings account so it cannot be reduced below the amount owed on the loan. It is called a secured loan. Happens every day.

Maintenance fees can be dealt with by paying ahead (many years) or having one of you children sign a co-liability agreement or both. I am sure there are other ways to effect a means to satisfy the future liabilities.


or, she could simply take some of the $300k and fix her current house.

or, since it appears it isn't actually her house but owned by a couple of her children, those children can repair their house.

You are aware that you giving her hints on how her mother can cheat the system in order to defraud medicaid at some point, right? See other thread by this individual.

 

[justalayman]

You are aware that you giving her hints on how her mother can cheat the system in order to defraud medicaid at some point, right? See other thread by this individual.

How is locking her money into an account that will be used to pay the loan should she default assist her in defrauding anybody. It was simply a remedy to the "no cash purchase allowed" situation.

as to the maintenance, (or could actually be applied to the purchase money issue as well): the co-signer recommendation, while it may benefit mom, would not result in the general populace getting screwed because her children would end up paying for what mom should have. If they want to help mom in that way, then I see no problem with it.

 

[Just Blue]

joelcoqui View Profile View Forum Posts View Articles Add as Contact
Junior Member Join Date Nov 2011
Posts 8 Jeez, She wont let go of husbands hard earned money. Keeps asking me, the daughter to protect her assets...so here I am investigating a lost cause. Yes, looks like she wants to cheat the system. Claims all her friends did so and Im not helping her do the same. Thanks for your honesty everyone. I have to get a good honest lawyer.. she isnt willing to pay for that....it all comes down to money. much appreciated. Jo Like

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[joelcoqui]

saw attorney

Saw an attorney. He wants to put 1/2 her assets in a asset protection trust fund including her house. It would cost over $7,500 to draw this up. Does this sound right?

 

[Antigone*]

Saw an attorney. He wants to put 1/2 her assets in a asset protection trust fund including her house. It would cost over $7,500 to draw this up. Does this sound right?

Heck, I've got a asset-protecting rotweiler that I can offer her for a mere $5,000. AND WAIT, that is not all. It comes with a partner chihuahua that will guard the rotweiler who is guarding the cash.

...get my drift...

 

[You Are Guilty]

Saw an attorney. He wants to put 1/2 her assets in a asset protection trust fund including her house. It would cost over $7,500 to draw this up. Does this sound right?

Does which part sound right? The asset protection plan or the cost?

 

[joelcoqui]

The cost. .. What is Antigone saying?

 

[Antigone*]

The cost. .. What is Antigone saying?

Antigone is saying that if you are gullable enough to believe this guy, she has a bridge she can sell you for really cheap