 Crazy opportunity (by Ken [NY]) Jun 21, 2024 5:18 PM
 Crazy opportunity (by 6x6 [TN]) Jun 21, 2024 5:30 PM
Crazy opportunity (by ken [NY]) Jun 21, 2024 6:19 PM
Crazy opportunity (by 6x6 [TN]) Jun 21, 2024 6:34 PM
Crazy opportunity (by ken [NY]) Jun 21, 2024 7:07 PM
Crazy opportunity (by 6x6 [TN]) Jun 21, 2024 7:36 PM
Crazy opportunity (by Pat [VA]) Jun 22, 2024 6:14 AM
Crazy opportunity (by S i d [MO]) Jun 22, 2024 9:25 AM
Crazy opportunity (by zero [IN]) Jun 22, 2024 11:30 AM
Crazy opportunity (by ken [NY]) Jun 22, 2024 12:45 PM
Crazy opportunity (by Ray-N-Pa [PA]) Jun 22, 2024 5:26 PM
Crazy opportunity (by zero [IN]) Jun 23, 2024 10:03 AM
Crazy opportunity (by Ken [NY]) Posted on: Jun 21, 2024 5:18 PM
Message:
I got a call on one of my mailings.I mail everyone who has a medicaid lien filed against there house.Mom died 4 years ago, medicaid filed a lien but it only says $1 and call us for the actual amount when you are ready to pay it off.The children,all adults have given up figuring out what is owed and was just going to let the bank foreclose because they were told probate would be $6000 and they dont know what is owed on the medicaid lien.Bank is owed $15000, $850 to catch it up and $187 payments,back taxes about $14000.House is worth $150000 or more.I spent 2 hours on the phone today and still didnt get a number to pay it off.I dont feel any obligation to give the family that number after the effort it is taking.I think i can have my attorney do the paperwork,he is usually able to avoid probate as long as the dead person didnt appear to have substantial worth.Give the kids $5000, put $10000 into the house,start renting it for $1500,make the bank payment every month,set the balance aside till there is enough to pay the tax bill,in 6 years the medicaid lien will fall off assuming they dont start a foreclosure action which i bet there is noone watching them. --74.77.xx.xx |
Crazy opportunity (by 6x6 [TN]) Posted on: Jun 21, 2024 5:30 PM
Message:
Medicaid liens fall off after 6 years? Is this for any state?
--76.129.xxx.xx |
Crazy opportunity (by ken [NY]) Posted on: Jun 21, 2024 6:19 PM
Message:
in my state Liens are good for 20 years but only attach to real property for 10 years, it was filed 4 years ago so it will fall off in 6 years.All states are different so no idea about your state. --74.77.xx.xx |
Crazy opportunity (by 6x6 [TN]) Posted on: Jun 21, 2024 6:34 PM
Message:
Thank you, Ken.
My little understanding with Medicaid, is that the family has to sell at market value.
What was the reason that you never got the number from Medicaid? --76.129.xxx.xx |
Crazy opportunity (by ken [NY]) Posted on: Jun 21, 2024 7:07 PM
Message:
i have not been able to get in touch with anyone capable of giving me the number,will try again monday. Family does not have to sell, they can come after the house if they want to. they may tell them they have to sell but they cant make you.In this case who knows maybe the lien is only $10000,then again it might be $150000, all depends on how long she lived at the nursing home --74.77.xx.xx |
Crazy opportunity (by 6x6 [TN]) Posted on: Jun 21, 2024 7:36 PM
Message:
Thank you, Ken. --76.129.xxx.xx |
Crazy opportunity (by Pat [VA]) Posted on: Jun 22, 2024 6:14 AM
Message:
Due to privacy laws, I doubt the nursing home would tell you how long she was there, but it might be worth a try. Or go to nursing home and strike up a conversation with one of the aides! I just read an article how the government is going to crack down on making children pay for parents care. My Dad was in a facility for about 6 years and my MIL too. --216.126.xx.xxx |
Crazy opportunity (by S i d [MO]) Posted on: Jun 22, 2024 9:25 AM
Message:
My understanding is some investors will buy these homes subject to the existing lien and just rent them out until the lien falls off, or they'll just keep the place forever and collect the rents. You can usually get a killer discount because of all the shenanigans it takes to remove said lien. I like your plan. If you can get it for $15,000 "all in" (pay kids to Quit Claim, $10K rehab)... I say "Go forth and conquer!" You'll have your money back in about a year. Low risk, high reward potential.
You might ask your attorney about initiating a Quiet Title action. Cost around $1500 - $3000, but well worth it if you can get that lien removed.
--184.4.xx.xx |
Crazy opportunity (by zero [IN]) Posted on: Jun 22, 2024 11:30 AM
Message:
Ken, sounds as if you have stepped into another potentially good deal. I realize you do this all the time but it still amazes me.
So even if you had to pay the kids more it should still be a good deal? I admit to knowing next to nothing about Medicaid liens. I know a local builder let his MIL's place sit for years while she was in a home. Then for a while after she passed. Then one day he got with me and asked if I would rekey the garage lock. He was finally ready to sell, which he did.
Would a bank try a DOS because of a lien. or if they found out the mortgage holder had passed? --107.147.xx.xx |
Crazy opportunity (by ken [NY]) Posted on: Jun 22, 2024 12:45 PM
Message:
Sid, I am giving the kids $6000 and my attorney will do the paperwork at my cost, i pay all expenses.It is $15000 behind on taxes but they wont start foreclosure for a year.there is a $15000 mortgage with a small local credit union,they are all but begging the lady to straighten this out so they dont have to foreclose, i will just catch up back payments of $800 and start paying the $180 payments. if they wont foreclose when they are owed money they wont foreclose when i am making payments, i might go walk into the office and meet the guy calling my seller and hand him a check to catch up the payments and tell him i bought it, i bet he will just change the info in his system and start billing me.I will let the medicaid lien fall off in 6 years and just keep collecting rent.With a little clean up i can get $1500 month rent. it is a nice 1 family on the edge of town with city water,perfect for what i want long term.
ZERO-this is a small local credit union,they know there customers kind of place,i highly doubt they will enforce the DOS clause but if they do i can just pay it off,it is only $15000.The weird thing is medicaid liens when a bank starts a foreclosure seem to release there lien,i have no idea why but i may try to take advantage of it. --74.77.xx.xx |
Crazy opportunity (by Ray-N-Pa [PA]) Posted on: Jun 22, 2024 5:26 PM
Message:
Nice example Ken,
Direct mail is tough and you face lots of NOs! But when you hear a yes, there is a solid payday that makes up for them Nos --24.101.xxx.xxx |
Crazy opportunity (by zero [IN]) Posted on: Jun 23, 2024 10:03 AM
Message:
Ken, I understand the small bank/CU. I have used them in my area. Rates aren't as good but easier to get a deal done.
Had one branch manager years back contact me about buying a group of houses that another guy had. He was going to lose them and the credit union just wanted someone else to take over. I didn't do it, but I should have. Hindsight and all that.
Like I said earlier, you keep stepping into great deals. I love hearing about them. Gives me hope that I can start setting something up for my areas.
Thanks for the additional info on the lien status as well. --107.147.xx.xx |
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