I have few properties in Nj that I wan to transfer to my LLC. But a few of them have Mortgages on them. Will I be able to transfer my properties withe the mortgages
The answer is yes and no. You can certainly transfer the properties by having an attorney prepare and record deeds. However, if you read the mortgages, they require that you notify the bank before the transfer or you will be held in default. The likelihood is that the bank will not find out, but be wary...
I have to disagree. I have done it in NJ. Just deed the property over to your LLC. Don't notify the mortgage - just make sure you keep the payments current and you won't have a problem. I would have your attorney deed them over to your LLC.
I've seen alot of people do this. I don't personally, but I've seen alot that do. They just quit claim deed the property to their LLC after the purchase the property...You can always call the bank and ask I just wouldn't tell them any specifics on you/your loan.
But, it is definitely done, but that doesn't necessarily make it right.
The answer is yes and no. You can certainly transfer the properties by having an attorney prepare and record deeds. However, if you read the mortgages, they require that you notify the bank before the transfer or you will be held in default. The likelihood is that the bank will not find out, but be wary...
I have to disagree. I have done it in NJ. Just deed the property over to your LLC. Don't notify the mortgage - just make sure you keep the payments current and you won't have a problem. I would have your attorney deed them over to your LLC.
Good Luck!
[addsig]
I've seen alot of people do this. I don't personally, but I've seen alot that do. They just quit claim deed the property to their LLC after the purchase the property...You can always call the bank and ask
I just wouldn't tell them any specifics on you/your loan.
But, it is definitely done, but that doesn't necessarily make it right.