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Lee · Dec 23, 2006, 07:05 pm

Can the grantor of a Quit Claim Deed buy back from the grantees, the grantees' shares in a house?

The monetary value of the house held by the grantees is a hindrance to the grantor in qualifying for Medicaid in which a person may have only two thousand dollars in assets.

If the shares held by the grantees can be repurchased by the grantor, the house could then be sold allowing the grantor to lose this asset and thereby gaining eligibility for Medicaid.

I would greatly appreciate some knowledgeable input into this question.

Thanks Lee

Osborn F Enready · Dec 24, 2006, 11:35 am

Hmmmm.

Not familliar Lee, but you raise my curiousity.

I will do some checking and see if I can help when I get some time.

Zhavric · Dec 26, 2006, 09:51 am

Quote:

Quote by: Lee

Can the grantor of a Quit Claim Deed buy back from the grantees, the grantees' shares in a house?

I have a bit of experience in this field. I work with defaulted mortgage loans. To answer the question I need a bit of information:

1) What state do you live in? Property law is only semi-uniform accross the United States. A procedure from say... Texas may be very different from one in Maine. It may make a difference.

2) This is a tricky one. I'd like to know more about the situation and the reason for the quit claim deed in the first place, but I in absolutely no way am asking you to volunteer personal information or protected information. I encourage you to remember the unsecured nature of this website and use your own discretion. That being said, I'd like to know if the Grantor and the grantee see eye to eye on this issue. If everyone is willing to cooperate then it shouldn't be an issue. If the grantees aren't on board, then you may be stuck. Keeping the above bolded section in mind, I'd also like to know if the loan is in good standing, defaulted or worse.

Lee · Dec 26, 2006, 10:39 am

Thanks Zhavric for taking some time for this.
The house has been paid off. It is in Colorado.
The grantees all agree that the grantor can buy back their shares in the house.

Initially the grantor was in good health and has survived her husband. She had set up the quit claim deed so that upon her death she would be giving each of her 2 step sons and step granddaughter and step daughter-in-law equal shares for the sale of the house; however, now she suffers from Alzheimers and the family urgently needs to have her repurchase the shares that she had given the grantees in the quit claim deed because the value of the house given to the grantees prevents her from qualifying for Medicaid.
All of the grantees are adults and the step-daughter-in law has Power of Attorney over the grantor.
You are doing all of us a great favor by looking into this. The grantor is not mentally capable of living in the house and is currently in a secured assisted care facility.
Thanks again so very much Lee

Zhavric · Dec 27, 2006, 08:50 am

There's something I'm not understanding here. If she's giving away shares of the property in a quit claim deed, why would she want to repurchase them? I know very little about Medicaid. Why are they disqualifying her?

Lee · Dec 27, 2006, 10:53 am

Zhavric,

I am not a legal expert, but apparently, one may have only two thousand dollars in assets in order to qualify for Medicaid.
So we need to be able to sell this property by having the grantees execute a quitclaim deed back to the grantor. At least this is the advice I have received from adjuster Jack on lawyers.com
Still, one of the grantees lives out of state. Do you think I can mail the new quitclaim deed to that person for a signature? Or do you know if Colorado requires all the grantees to be present in order to execute a quit claim deed back to the grantor?

Thanks again for any accurate input on these questions.

Lee

Zhavric · Dec 27, 2006, 12:49 pm

Understand that I work with a portfolio of loans that are beyond defaulted and have some sort of litigation attached to them. As such, it's very rare that I hear something goes RIGHT with a quit claim deed. That being said, it's important to keep perspective: If you worked for a car company and ONLY saw cars that had been in accidents how would you feel about cars in general? Perhaps a little cynical at best...

I highly recommend that you seek professional legal advise on this issue. It may cost you a few bucks, but from the experiences I've had sending quit claim deeds around & not being present when they're sold may be a recipe for disaster.

What about medicare? Doesn't that cover the elderly? What about selling the house and using the money to pay for a nursing home?

Lee · Dec 28, 2006, 10:38 am

Lawyers generally charge by the hour. The more that we can learn about this situation before going to a lawyer the better it will be.
So, one can use the net to learn about quitclaim deeds even though procedures may vary within the states.
Has anyone from Colorado ever executed a quitclaim deed back to the original grantor?
Then can a person who has Power of Attorney over the original grantor make a sale of the property for purposes that benefit the first grantor because that original grantor is not mentally stable?
If someone really knows about this you will be helping out 5 people with your knowledge.
Thanks again Lee.

Dec 23, 2006, 07:05 pm	#1 (permalink) (top)
Lee Lee Location: Buean Vista, Co. Posts: 149	Quit Claim Deeds Can the grantor of a Quit Claim Deed buy back from the grantees, the grantees' shares in a house? The monetary value of the house held by the grantees is a hindrance to the grantor in qualifying for Medicaid in which a person may have only two thousand dollars in assets. If the shares held by the grantees can be repurchased by the grantor, the house could then be sold allowing the grantor to lose this asset and thereby gaining eligibility for Medicaid. I would greatly appreciate some knowledgeable input into this question. Thanks Lee

Dec 24, 2006, 11:35 am	#2 (permalink) (top)
Osborn F Enready Principled Observer Location: Toledo, Ohio Posts: 13,873	Hmmmm. Not familliar Lee, but you raise my curiousity. I will do some checking and see if I can help when I get some time. Petition of Redress of Grievances: http://www.givemeliberty.org/default.htm Canadian Lawsuit Against Their National Banks: http://www.freewebs.com/classaction/ Osborn F. Enready

Dec 26, 2006, 10:39 am	#4 (permalink) (top)
Lee Lee Location: Buean Vista, Co. Posts: 149	Thanks Zhavric for taking some time for this. The house has been paid off. It is in Colorado. The grantees all agree that the grantor can buy back their shares in the house. Initially the grantor was in good health and has survived her husband. She had set up the quit claim deed so that upon her death she would be giving each of her 2 step sons and step granddaughter and step daughter-in-law equal shares for the sale of the house; however, now she suffers from Alzheimers and the family urgently needs to have her repurchase the shares that she had given the grantees in the quit claim deed because the value of the house given to the grantees prevents her from qualifying for Medicaid. All of the grantees are adults and the step-daughter-in law has Power of Attorney over the grantor. You are doing all of us a great favor by looking into this. The grantor is not mentally capable of living in the house and is currently in a secured assisted care facility. Thanks again so very much Lee

Dec 27, 2006, 08:50 am	#5 (permalink) (top)
Zhavric SUSPENDED (1 Week) Posts: 3,571	There's something I'm not understanding here. If she's giving away shares of the property in a quit claim deed, why would she want to repurchase them? I know very little about Medicaid. Why are they disqualifying her?

Dec 27, 2006, 10:53 am	#6 (permalink) (top)
Lee Lee Location: Buean Vista, Co. Posts: 149	Zhavric, I am not a legal expert, but apparently, one may have only two thousand dollars in assets in order to qualify for Medicaid. So we need to be able to sell this property by having the grantees execute a quitclaim deed back to the grantor. At least this is the advice I have received from adjuster Jack on lawyers.com Still, one of the grantees lives out of state. Do you think I can mail the new quitclaim deed to that person for a signature? Or do you know if Colorado requires all the grantees to be present in order to execute a quit claim deed back to the grantor? Thanks again for any accurate input on these questions. Lee

Dec 27, 2006, 12:49 pm	#7 (permalink) (top)
Zhavric SUSPENDED (1 Week) Posts: 3,571	Understand that I work with a portfolio of loans that are beyond defaulted and have some sort of litigation attached to them. As such, it's very rare that I hear something goes RIGHT with a quit claim deed. That being said, it's important to keep perspective: If you worked for a car company and ONLY saw cars that had been in accidents how would you feel about cars in general? Perhaps a little cynical at best... I highly recommend that you seek professional legal advise on this issue. It may cost you a few bucks, but from the experiences I've had sending quit claim deeds around & not being present when they're sold may be a recipe for disaster. What about medicare? Doesn't that cover the elderly? What about selling the house and using the money to pay for a nursing home?

Dec 28, 2006, 10:38 am	#8 (permalink) (top)
Lee Lee Location: Buean Vista, Co. Posts: 149	Lawyers generally charge by the hour. The more that we can learn about this situation before going to a lawyer the better it will be. So, one can use the net to learn about quitclaim deeds even though procedures may vary within the states. Has anyone from Colorado ever executed a quitclaim deed back to the original grantor? Then can a person who has Power of Attorney over the original grantor make a sale of the property for purposes that benefit the first grantor because that original grantor is not mentally stable? If someone really knows about this you will be helping out 5 people with your knowledge. Thanks again Lee.