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Home Compliance Bulletin Board State Monitoring Forum Homes not lived in- income or asset??

Homes not lived in- income or asset??
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10:03 pm
August 1, 2011


sclay66

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If an applicant owns a home but is not living in it- and is allowing her son to live in it and he pays the mortage directly to the source- do we count it as income or do we just count the house as an asset?

2:27 pm
August 15, 2011


Erik Whitton

Cape Elizabeth, ME

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That is income as defined by HUD.  

  

G. Regular Cash Contributions and Gifts
1. Owners must count as income any regular contributions and gifts from
persons not living in the unit. These sources may include rent and utility
payments paid on behalf of the family, and other cash or noncash
contributions provided on a regular basis.

3:23 am
September 7, 2011


Tim Goodman

Omaha

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Eric, I am going to have to disagree with your wording  on this one.. The applicant has a Home, this is an Asset. They would need to get the “Cash” value of the home- this is the assessed value or Market value minus any amounts it would take to convert to cash, – realtor fee, balance of Mortgage. Say the home is assessed at $100,000.00 , the balance of the mortgage is $50,000.00 the realtor fee is 3%= the net amount would be 100,000 – 50,000 – 3,000 = $47,000.00.

NOW the amount the son pays for the mortgage is the income from the asset, minus insurance, taxes and maintenance that might occur. If the son is paying 550.00 a month X 12= $6,000.00, and yearly taxes that MOM pays is 1200.00. The actual income for the asset would be 6000.00 – 1200.00 = $4,800.00, … ALL listed under an Asset = $47,000.00 with $4800.00 as income from it.

 

Timothy Goodman, HCCP, COS, C8P | Senior Compliance Specialist
16910 FRANCES STREET, STE. 200 | OMAHA, NE 68130
PH: 402-934-6121 | FAX: 402-934-6109
TIMG@SELDIN.COM | http://WWW.SELDIN.COM

8:44 pm
September 27, 2011


eclark

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Woops- this one slipped by. My bad.

Think of it this way.

Every payment that the son makes on the mortgage results in the mother owning a larger percentage of the house. The son is buying his mother equity in the home. If the son was paying any other bills for her we would count it too.

His payments are not income from the asset. He is buying her more asset.

 

Ed
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