Refinancing And The Deed?!?
I have a question about the refinance I just did.
A little background first... I purchased a duplex a year and a half ago and had a 1st mortgage at 7.5% for 30 years and a second at 12% for 15 years... I purchased the property in my name as well as the mortgage in my name. I transferred the deed into my LLC's name and now I do everything through my LLC/LLC bank account, etc.
So, to my question, I just refinanced - do I need to transfer the deed back into my LLC's name since the mortgage is still in my name? Or because it was just a refi - the deed didn't get touched?!?
Thanks,
[addsig]
Basically my question is - when you refi a property, does the deed get touched??
[addsig]
I would think not because re-financing your own property has nothing to do with the deed. If you had a buyer that was re financing then once you were paid off, the deed would then transfer ownership, but, since it's you, your property, the deed has nothing to do with it.
Hope this helps some
quinn
I just re read you question. If you are doing everything in your LLC, I would transfer the deed back, just for the sake anonmity alone.
quinn
Most lenders will insist you take title out of the LLC and into your name when you refi. After you refi, you should move it back in to the LLC or Land Trust/LLC combo.