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BNORB1960
Jul 29, 2007, 03:02 PM
Me and my partner own 2 properties. We recently started an llc. Can we quit claim these 2 properties into the llc. There are mortgages on both properties

Fr_Chuck
Jul 29, 2007, 03:43 PM
If your mortages are personal, then most likely there will be no real protection of the LLC since this will tie them to personal assests.

If the mortgage is in the LLC name or you refi in their name. I would talk to the attorney doing your LLC work.

DianeV Sr Loan Officer
Jul 29, 2007, 07:59 PM
Your lender will probably have a problem with your idea. Many lenders do not lend to LLC's. You may want to read the mortgage and the note that you signed at the time of closing. You may be putting yourself in a bad position with the lender. You need legal advice.