Sell This Condo? Do You Think This Is My Only Choice?

If the condo is her primary residence then it doesn't count in medicaid calculations. If you sell it the cash will become part of the spend down. If you sell it and you and your sister takes the cash they will come after you with a vengence that burns!!!! My dad made the mistake of putting his brother on a small account. None of the money was my uncles but when he went on medicaid they took half, go figure! :(

I hope you are seeing an attorney that specializes in medicaid because the laws are very complex. My brother is an attorney and wouldn't touch it with a ten foot pole. If you lawyer says they can handle but doesn't specialize I would advise running because it is your money and not your best interest they are looking for.

personally? I would try to contact HGTV and have them help you sell it...you know shows like Sell This House or Designed to Sell....get the stuff needed to fix it up and if they can't sell it - rent it out - newly upgraded...I've seen at least three couples do that on the show - not getting the offers they need so instead of taking the loss, they rent it out.

If you don't have the cash to take care of the short - then don't do it...yes, good renters are hard to find...but they are there...

I can't help with Medicaid questions - sorry..

Get some legal answers. If it's in your mom's name, she may need to be present to agree to give you power of attorney to sell or rent. Ultimately, sell or rent it, but have contracts. By selling it you will not be accountable for its condition. Only spruce it up to make it sellable. As a landlord you'd be liable for repairs etc.
There's the center for elder law that helps legally get things squared away for senior citizens. If no one wants the condo ultimately, I'd put it on the market. There's maybe rent to own possibilities too, but again selling it would get it off your hands.

Medicaid will take it and sell it and apply the money to her expenses. Get it out of her name now and sell it soon. The sooner the better because if you wait they can claim fraud on you and your sister and you can be in big trouble.

Otherwise offer it "Rent to Own". We did that once and had the deed signed over to us and the owner placed a lien on it. We could not sell it or do anything with it. If it burned down he got the money due him then anything left over would be ours to start from scratch. It was safe for the owner due to it being in our name but him still having his safety guaranteed. We were as responsible for any repairs and care as any person buying a house through a bank.

You would basically be the people's banker that would be buying it. That way it would be in their name, not yours, you sisters, or your moms. She could hold the lien on it and then they would make monthly payments to her. She would be able to do some different things with it on her taxes.

It does not matter if it is rental property or not, it is money in hand according to SS. They will take possession and boot the renters and sell it for her bills.

This was happening to my mom so my brother talked to an attorney. They filed joint residency for my brother and my mom. That way the house was half my brothers and they couldn't touch it. He gave it to his granddaughter and they are doing the rent to own.

Sounds to me like she's a person that would honestly qualify to forclose on it.

Get a good estate planning attorney to give you advice. There are very specific rules about what medicaid can and cannot touch. Also there is a 'spend down' period for your mom's assets. Best to seek the best advise money can buy with an estate attorney.