Ask Experts Questions for FREE Help !
Ask
    BNORB1960's Avatar
    BNORB1960 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 29, 2007, 03:02 PM
    Quit claim deed
    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    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's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
    Junior Member
    		  
    #3

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Quit Claim Deed [ 1 Answers ]

Facts: My dad recently passed away. A few months before this he took out a line of credit on his and my mother's house (with my mother's knowledge). With this money he purchased a house in Michigan and proceeded to quit claim deed it to one of his children. My mother is now having to try and pay...

Quit Claim Deed [ 5 Answers ]

My father passed away recently & my mother wants to remove his name & add my sister's name to the deed. We think the easiest thing to do is to use a Quit Claim Deed. Is that the best thing to do & what do we do with the document once we get it notarized ?

Quit Claim Deed [ 1 Answers ]

To Whom It May Concern: I am trying to find out if a Quit Claim Deed will solve my problem and can I legally do it. My best friend and I purchased a home with both of our credit, except that my friend did not have any money involved in the transaction, just her credit. She now wants to have...

Quit claim deed [ 26 Answers ]

In 1997 My ex and I purchased a home in California. I was deliquint on my child support so the real estate agent surggested that we repair her credit and use her name only. This would keep a lean off the house. A few months after we moved into the home I was told that the finance company asked for...

Corrective Deed, New Quit Claim Deed, or See an Attorney? [ 4 Answers ]

I have a major problem with a quit claim deed that was done regarding my father's property. The intention was to put me in the deed but as an heir to the property, not as a co-owner or anything like that. So, a quit claim deed was filled out and recorded at the clerk of the circuit court. However,...

View more questions Search