Affidavit for Medicaid (by JJ [OH]) Mar 25, 2019 8:31 AM|
Affidavit for Medicaid (by Vee [OH]) Mar 25, 2019 9:32 AM
Affidavit for Medicaid (by Ken [NY]) Mar 25, 2019 2:53 PM
Affidavit for Medicaid (by plenty [MO]) Mar 25, 2019 3:10 PM
Affidavit for Medicaid (by JJ [OH]) Mar 25, 2019 4:00 PM
Affidavit for Medicaid (by Ken [NY]) Mar 25, 2019 4:17 PM
Affidavit for Medicaid (by JJ [OH]) Posted on: Mar 25, 2019 8:31 AM
Considering purchasing a foreclosed home that has a mortgage lien of around 50k and an Affidavit for Medicaid Recovery for $32k. I know the secured debt will be paid off with the proceeds of the sale but with what I am paying it wont satisfy the Affidavit.
Anybody have any experience in buying a home like this? What will happen if I get the winning bid but Medicaid not satisfied? Do they just go away since its not a lien? Will the sell be dependent on satisfying Medicaid even though the lender took the home to foreclosure?
Thank you for your help!
Affidavit for Medicaid (by Vee [OH]) Posted on: Mar 25, 2019 9:32 AM
The sale may not go thru - the OH lingo calls it a vacated sale, if you are serious demand a warranty deed.
Affidavit for Medicaid (by Ken [NY]) Posted on: Mar 25, 2019 2:53 PM
Has it already been foreclosed and the bank owns it or are you going to the actual foreclosure auction?Either way once it goes through the foreclosure auction assuming the banks attorney did everything properly all debt will be wiped out with exception of IRS liens.I buy at the auction itself regularly and it is nothing to see the mortgage owed and judgments owed way in excess of what I pay for it at the auction.Buy title insurance to protect yourself.This is assuming the mortgage foreclosing was a first mortgage,if it was a second mortgage then the first will remain in place.Hire an attorney if it is common in your area and don't worry about the mortgage or the leins just get a title search and a policy --72.231.xxx.xxx
Affidavit for Medicaid (by plenty [MO]) Posted on: Mar 25, 2019 3:10 PM
Its my understanding you can easly get the IRS lien to go away. It's a process but i was told not to be overally concerned as that goes with the people, not the land. The process is one of claification of ownership once its yours. --99.203.xx.xxx
Affidavit for Medicaid (by JJ [OH]) Posted on: Mar 25, 2019 4:00 PM
We had a tax attorney out of Denver who was an IRS auditor for 30+ years advising our small business clients with some offshore stuff and he said the same thing about federal tax liens. Technically they stay with property for very rarely do they go after the new property owner. He wouldn't say never but he said rarely.
I've bought foreclosures for the last 12 years and I haven't run across a Medicaid affidavit like this before...I've bid on houses before that have to be approved by Medicaid 1st but that's because they had an actual lien on property.
I think I am going to risk it but open to more advice. Thanks. --99.203.xxx.xx
Affidavit for Medicaid (by Ken [NY]) Posted on: Mar 25, 2019 4:17 PM
As I understand it the IRS lien stays on the house for 120 days during which time the IRS can come and take the property and pay you what you paid for it so I just wouldn't do any work till that time frame was over.Call your title rep and ask him what to do,a good one will know since they are writing the policy --72.231.xxx.xxx