Dic And A House

[teejay53]

hi all;

i was asked a question by someone and i can't find the answer online. hopefully you can help me with it.

a lady i was talking to about a week ago asked me this. she gets dic from the va and social security retirement. she has the opportunity to buy 3 cheap houses with a partner (somewhere around $5,000 each) will this make her dic stop or decrease it or change her retirement? the houses are in missouri and she lives in oklahoma.

i am hoping someone can help me with this question so i can share it with her.

thank you for your help.

tj

[Philip Rogers]

She may not have any involvement but it does expose her to liability. As an owner she could become liable to anything the other person does with the properties. I am somewhat suspect that her friend could be involving her in some type of scam, especially since the properties are out of state. jmo

pr

hi;

and the money to buy these little houses is her friends, not hers so she has not involvement except adding her name to the deed.

teejay

[john999]

Her partner could put her in a will to get the houses. Why does she have to be on the deeds? I can see something fishy here. If she is not putting up any money why is partner adding her name to the deeds? There is potential liability since if someone were to get hurt on the property she would be sued as well. Where do you buys houses for 5000 bucks except slum lord housing? I don't believe in the tooth fairy. What about property tax? Who pays? I was on a deed with my brother and took my name off the deed because of tax and insurance.

[Berta]

Another thing too- every few years the VA asks me if-as a surviving spouse-if I have remarried and I usually answer "Are you kidding?" but the answer is no.

Widows can continue DIC if they remarry at age 57 these days but if she is cohabiting with a 'partner' of the opposite sex and is under 57 that could impact on whether she can retain DIC.You mentioned "joint tenancy ". ????

She should check the DIC regs for that.

She is eligible like me for a Home Loan Guaranty Certificate but only if she lives in the home she buys with it.

I have earned income that I report on my Federal and state Tax forms and it does not affect my SSA or DIC.

But these guys are right -something seems very odd to me here.

We have a 'transfer of deed' problem here in NY- people transfer deeds to get someone else's name on them to attempt to avert tax liens-or a welfare debt - but it doesn't work.If they die the lien transfers as well to the new owner on the deed.

A friend of mine got badly burned by one of these transfers.

She should ask a lawyer these questions but this doesn't seem right to me.

[Pete53]

Best to take this question to an expert. A mistake here could be major. Although I agree with the posters as far as it go. Its the details that get you.

[Philip Rogers]

The more I think about it, the more I feel this could be some type of fraud or scam someone's trying to involve her in. With all that's going on these days I'd advise against it. Why does she want to do it??? What's in it for her??? Personally, I'd pass on the offer.

pr

[teejay53]

hi all;

i finally got in contact with the lady and explained the responses from you guys. she is going to fill out a quit claim deed and file at the recorder office and give her interest in the 2 houses back to him with in the next month. she asked me if this will keep her out of being involved in any problems concerning the 2 houses her name is on.

i told her i would ask. any help i could share with her would be appreciated.

thank you all for your help, have a blessed day.

teejay