Transfer Mortgage In My Name To LLC
What is the best way to transfer a mortgage in my name into my LLC?
I already have one property in the LLC and I want to get 100% financing so I put it into my name and now I want the LLC to be liable. How ?? :-?
You should call the bank. They are the only one who can tell you. If the bank doesn't know the property is in the LLC. The person who signs the mortgage documents is the one who is responcible. If you change the title to your mother's name you are still responcible
Lori
[addsig]
Thanks for the info, I actually figured it out. I am just going to transfer it into the LLC and pay the transfer tax and tell them I am doing this for estate planning reasons and then it will not trigger a D O S clause. :-D
Why would a bank allow that? Look at it from their point of view. You want to get out of being liable. They want to keep you liable. Until your LLC as credit legs of its own, expect to co-sign your presumably good credit to anything it does.
If it's legal protection you seek, you'd be better served by transferring your title to a land trust with your LLC as the (non-recorded) beneficiary, Changing the mortgage or the title to an LLC is unlikely to be viewed by anyone as an estate planning move. Do some 'advanced' searching in these forums for more info on this.