I received notification that an empty house I had purchased for investment (prior to husband being hit by truck and my having a stroke) had to be sold within a certain time frame per SSI eligibility requirements. My husband is 100% disabled in wheelchair. He draws SS.
I contacted several real estate companies who would not list as home needs too much work. I posted it on craigslist and local paper, but no luck. House is not eligible for loan and no one seems to have cash. Called all the 'we buy homes' but they will not pay value set by SSI administration.
We had thought this would add to our retirement security, but things changed and all our savings are gone. He had begun repairs but it still needs new roof and bathroom repairs as well as floor coverings. I have family that could help with actual work, however, no money to purchase supplies.
Are there loans available for 2nd houses in this type of situation. Unless I sell the house, my SSI will stop (it is already being reduced for value of this house). I can't give away the house or sell for less than tax value and no one is interested with cash to buy outright. To make matters worse, I am required to repay any money I received from SSI at time of sale. Catch 22.
Is it possible to get a line of credit on a 2nd home you plan to immediately sell as soon as it is up to finance level? Home in Chattanooga, TN. I have only six months left before deadline.
By VCS
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I believe you really are in a "catch 22" situation! Your funds may be limited but you may NEED to seek legal advice because you seem to have exhausted all of the "normal" avenues.
Did you use an attorney to help get your SSI approved? If so, then your best bet is to consult them again as I believe they should have forewarned you about this problem. But - in any case they may be able help you now - or at least get you an extension of time.
If you personally applied for your SSI then you may have to look for an attorney who specializes in getting SSI approved. This is certainly going to cost money but what is your alternative?
I do not believe you will be able to borrow money with no income other than your husband's SS and your SSI. Perhaps a private lender may make a loan with your property as collateral but most will be very leery of having anything to do with SSI hanging over this property.
You may be able to seek help through your church or through any of the senior service organizations in your area. At least someone may have a list of organizations that help people in need.
I have worked with SS but I have never ran across a situation quite like this. Sometimes SS/government will just take the property to get their money back - but this?
Sorry about your situation and hope you will find help. Maybe someone on this site can offer a better suggestion.
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