Posted by Bill Bronchick, Esq. on May 20, 2010 at 17:59:52:
Not a problem. Quitclaim the property to the LLC. Theoretically the lender could call the loan due, but they usually don’t care. Besides, your chances of getting sued are probably greater than your chances of the lender calling the loan.
Create LLC then transfer property? - Posted by Jack
Posted by Jack on May 19, 2010 at 16:26:06:
I have a few properties which were bought years ago. Currently the title and loan are in my name. Can I create a LLC and transfer ownership to the LLC? What would happen to the loan? Wouldn’t the bank object since it would show the LLC as new owners? How do I get around this? Thanks.