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lien

Posted on: 03rd Sep, 2009 07:41 pm
My brother is on ssd and medicaid /medicare, can no longer afford to live in his co-op.He is going to move into disability housing. He is going to have to walk away from his co-op. If he was to sell the property then medicaid will put a lien on it. His case worker already inquiring as to what is he going to do with his property and talking about a lien. My question is can the make him sell, how much of a problem will it cause from the mortage company and the maintence company, by walking away.
Hi jaycee,

If your brother walks away from the property, then the lender will foreclose the property and sell it off to recover the dues. If Medicaid places a lien on the property, then that lien will have to satisfied when the property is sold off. However, your brother should remember that a foreclosure will lower his credit score by around 250 points.
Posted on: 03rd Sep, 2009 09:39 pm
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