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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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I seriously doubt the loan originator will accept that person as co-sign.
typically the person getting a loan only needs a co-sign when their own credit and/or income will not be sufficient for the bank, car dealer..(or whatever institution is originating the loan). A co-sign that has an income so low to qualify for Medicaid will not be acceptable....if this is also an elderly person....this becomes even more problematic.
so, the answer is...sure they can sign but probably not going to get the loan with that co-sign.
"A cosigner’s responsibility is to pay back the debt if the signer does not, plain and simple, and that can include late fees and collection fees." Having someone on Medicaid cosign knowing full well they would never be able to pay back the loan seems like fraud. Not sure whether the lender runs a credit check on the cosigner, but I image they'd see they have no assets.
Why would you think the originator would NOT run a full credit check? Even a private person can use an agency that will look to income as well as score.
if you know the person you want to co-sign cannot pay if you default....that is pretty much fraud.
A full credit check wouldn’t show Medicaid. People on Medicaid can and do do-sign for loans and take out loans. All they need is to meet the financial requirements .
Source of income would have to be substantiated, so even if co-signer has a good credit score, it would not fly. In any case, knowing full well that the loan would never be repaid is outright fraud.
Yes it would fly and it wouldn’t be outright fraud unless the person truly has no ability to repay the loan. We shouldn’t assume the person can’t afford to pay back the loan because people on non-institutional Medicaid can and do have ASSETS. If they have Medicaid for insurance then their eligibility was determined by their monthly income but not their assets.
If you guys want to talk about fraud.....my late MIL retired and on a small fixed income co-signed on my BIL’s house (that he just forfeited in his divorce) from her death bed. The loan people came out to the house with their notary and she signed the papers ON HER DEATH BED (hospice bed in the middle of the living room). If you think people on Medicaid won’t be able to co-sign for a loan, you are sadly mistaken. Not everyone on Medicaid is destitute & has poor credit.
A full credit check shows the latest federal filing....which has income
The IRS where the asset and income information comes.
as an ex-landlord of decades....I always got full reports and the income is there...even current or most current recorded employer.
this is exactly the same documents used by Medicaid to determine eligibility. That low income is required by Medicaid. If under age 65, the eligibility requires an income not greater that the current poverty level plus 50 percent (might go up next year).... basically that is less than $18,000 income. If over age 65, there is an income and asset max required to enroll, and assets can be used to recover costs
regardless, setting up the holder of the note for fraud is not right...even if you can “put one over” on the originators
signing on a deathbed sounds like a totally bonus thing. No one can run that credit check without the signature...FIRST. so, she never was checked on. Serves the originator right for failing to do due diligence
None of that is relevant here though. The potential creditor will not know the person is on Medicaid. There are a lot of Medicaid eligible people who aren’t on Medicaid.
And yes my MILs credit was run before she co-signed for the loan on her death bed. It was run when they sought pre-approval for a loan.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
typically the person getting a loan only needs a co-sign when their own credit and/or income will not be sufficient for the bank, car dealer..(or whatever institution is originating the loan). A co-sign that has an income so low to qualify for Medicaid will not be acceptable....if this is also an elderly person....this becomes even more problematic.
so, the answer is...sure they can sign but probably not going to get the loan with that co-sign.
if you know the person you want to co-sign cannot pay if you default....that is pretty much fraud.
The IRS where the asset and income information comes.
as an ex-landlord of decades....I always got full reports and the income is there...even current or most current recorded employer.
this is exactly the same documents used by Medicaid to determine eligibility. That low income is required by Medicaid. If under age 65, the eligibility requires an income not greater that the current poverty level plus 50 percent (might go up next year).... basically that is less than $18,000 income. If over age 65, there is an income and asset max required to enroll, and assets can be used to recover costs
regardless, setting up the holder of the note for fraud is not right...even if you can “put one over” on the originators
signing on a deathbed sounds like a totally bonus thing. No one can run that credit check without the signature...FIRST.
so, she never was checked on. Serves the originator right for failing to do due diligence
And yes my MILs credit was run before she co-signed for the loan on her death bed. It was run when they sought pre-approval for a loan.