Posted by eric on November 18, 2004 at 11:29:07:
That will not save your credit if the original note is your name. Transfering the property to an LLC will not change the character of the note, only title to the property. The lender can still forclose and you wil still be personally liable for the loan.
quit-claiming property into llc - Posted by Dave Schmidt
Posted by Dave Schmidt on November 18, 2004 at 10:25:36:
I am having trouble selling a property so I am wondering if I can create an LLC and Quit Clim the property into the LLC to protect my personal credit if I can’t sell this or default on the payments. thanks for the help