Submitted by Roland_18 t3_yho3kb in personalfinance
BogBabe t1_iuhjyt5 wrote
Why why why?
Why does your mom want to purchase a home with cash, if she's not going to live there?
Why does your mom want your niece to pay rent on a house that your niece will own? What's the plan if the niece stops paying? There would be no legal recourse.
Why does your mom want your name on anything, if you're not putting any money in and won't be living there?
Why does your mom want you and your niece to co-own a home?
What's the benefit to anybody from any of this?
This is a disaster waiting to happen, and could potentially also be fraudulent, depending on why your mother wants to buy a home but not have her name on the deed.
Roland_18 OP t1_iuhkdwb wrote
These are all questions I have as well! Very little makes sense to me.
Mom is on disability so that's shy she doesn't want it in her name.
I think she wants me to eventually own the home but with that it makes no sense for my niece to own too. I feel like it's a disaster as well.
Can you elaborate on how it could be fraudulent? That's the kinda stuff I don't understand but definitely want to know how to sus it out
BogBabe t1_iuhq4ex wrote
People often put assets (such as money, houses, cars, etc.) into someone else's name in order to keep their own assets below a certain level so that they're eligible for Medicaid, nursing homes, or other such programs. I don't know if your mom's disability income has a limit on assets — I'm not at all sure that any disability income has an asset limit — but if she wants to buy a home and put it in someone else's name in order to keep receiving that income, then yes, it would be fraud.
Basically, if she would lose that income because she has money in the bank or a house in her name, then doing what she wants to do would be fraud.
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