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Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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I’d be way more concerned about mortgage as a priority over Medicaid. This is a traditional mortgage that has balance due & then there’s some sort of other lending on the home, like a HELOC or other home equity LOC, right? & property is under water / negative equity for its value to secured lending (mortgage / HELOC) attached to property, right? & it is NOT a reverse mortgage, right? My answer is based on traditional mortgage HELOC lending: In order for you to sell the property you are going to have to have releases (eg Release of Deed of Trust) done on all secured lending on property. Most of the time, house sells for over debt owed, somthe Title Co has all the info in detail, and at the Act of Sale those 2 items get paid off to the old mortgage holder(s) so new clear title issued to buyers.
But if it’s underwater that’s not happening. You, imo, need to contact your lenders BEFORE you put house on the market to see just what kind of work around the lender will be ok with. Likely 3 or 4 choices: - you cover the difference owed in cash to pay off mortgage(s) - arrange with lenders for a short sale - walk away on home via deed-in-lieu of foreclosure. - lender in position #1 does a foreclosure Just what’s best depends on your finances and what your lenders want to do. If these are 2 different lenders, 2 different banks, each has to allow the same things to happen. Some lenders have absolutely no interest in doing work arounds; they’d rather just have it foreclose and have existing companies they work with that deal with getting you out & dealing with foreclosed property. Yeah it’s harsh. Really I’d suggest that you find out ahead of ever putting the place on the market or getting a Realtor to list it, to find out exactly what your lenders are going to want. Mortgages and HELOC / LOC are secured lending, they call the shots.
If your on Medicaid and know there’s going to be Medicaid issues as your state allows for liens to be placed proactively before death, well, personally I wouldn’t worry about it. Medicaid is unsecured. Only if you actually make $ from the sale does it affect Medicaid as the $ proceeds from the sale become income and then assets of yours which likely will change your eligibility for Medicaid as Medicaid is all all about being low income. Your home is underwater, your not likely to make $.
really if your underwater, clearly speak with your lenders before you do anything. Your gonna be real upset if you start getting your house spruced up for sale and find out the bank wants it go foreclosure route.
Ok, so state took guardianship and wants to "sell" the house for care. POA and "competent adult" Nov 19 refinanced to put a roof on, never did. House is non livable, condemned, it would take around $65k to make it livable. So, there is a mortgage for around $100k and a LOC secured property for $50k defaulted $400 a month 0 interest payment plan.
So, on the property, there is a structure son paid rent and stored business property, his not hers. You know a Kubota, dump truck, tools and equipment. State guardian says that those items are on the property and need to be sold for her care.
So replacement costs are more than the value of the property and less than secured credit.
Yes, there is a meeting with a lawyer but are there specific questions to ask? Also, what if the value is less than what is owed.
"on the property, there is a structure son paid rent and stored business property, his not hers. You know a Kubota, dump truck, tools and equipment. State guardian says that those items are on the property and need to be sold for her care."
If son wants the business property, he should take steps to protect it. Provide the guardian with any proof of rental agreement, rent paid, title to truck or tractor, receipts for more expensive equipment, etc.
Hopefully he has proof of expenses and depreciation with his tax records.
Then arrange to relocate it by the end of the current rental period.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Property taxes paid, Mortgage is next, LOC is paid next if any.
I don't think the taxable value matters.
Spouse or other residents may try to keep up the bills and stay in the property, but shouldn't expect to see any equity after Medicaid lien.
This is a traditional mortgage that has balance due & then there’s some sort of other lending on the home, like a HELOC or other home equity LOC, right? & property is under water / negative equity for its value to secured lending (mortgage / HELOC) attached to property, right?
& it is NOT a reverse mortgage, right?
My answer is based on traditional mortgage HELOC lending:
In order for you to sell the property you are going to have to have releases (eg Release of Deed of Trust) done on all secured lending on property. Most of the time, house sells for over debt owed, somthe Title Co has all the info in detail, and at the Act of Sale those 2 items get paid off to the old mortgage holder(s) so new clear title issued to buyers.
But if it’s underwater that’s not happening. You, imo, need to contact your lenders BEFORE you put house on the market to see just what kind of work around the lender will be ok with. Likely 3 or 4 choices:
- you cover the difference owed in cash to pay off mortgage(s)
- arrange with lenders for a short sale
- walk away on home via deed-in-lieu of foreclosure.
- lender in position #1 does a foreclosure
Just what’s best depends on your finances and what your lenders want to do. If these are 2 different lenders, 2 different banks, each has to allow the same things to happen. Some lenders have absolutely no interest in doing work arounds; they’d rather just have it foreclose and have existing companies they work with that deal with getting you out & dealing with foreclosed property. Yeah it’s harsh.
Really I’d suggest that you find out ahead of ever putting the place on the market or getting a Realtor to list it, to find out exactly what your lenders are going to want. Mortgages and HELOC / LOC are secured lending, they call the shots.
If your on Medicaid and know there’s going to be Medicaid issues as your state allows for liens to be placed proactively before death, well, personally I wouldn’t worry about it. Medicaid is unsecured. Only if you actually make $ from the sale does it affect Medicaid as the $ proceeds from the sale become income and then assets of yours which likely will change your eligibility for Medicaid as Medicaid is all all about being low income. Your home is underwater, your not likely to make $.
really if your underwater, clearly speak with your lenders before you do anything. Your gonna be real upset if you start getting your house spruced up for sale and find out the bank wants it go foreclosure route.
So, on the property, there is a structure son paid rent and stored business property, his not hers. You know a Kubota, dump truck, tools and equipment. State guardian says that those items are on the property and need to be sold for her care.
So replacement costs are more than the value of the property and less than secured credit.
Yes, there is a meeting with a lawyer but are there specific questions to ask? Also, what if the value is less than what is owed.
If son wants the business property, he should take steps to protect it. Provide the guardian with any proof of rental agreement, rent paid, title to truck or tractor, receipts for more expensive equipment, etc.
Hopefully he has proof of expenses and depreciation with his tax records.
Then arrange to relocate it by the end of the current rental period.