Posted on: 10th Sep, 2010 08:14 pm
[size=12:e0cd5cf4eb][color=darkblue:e0cd5cf4eb]does this sound suspicious to you? how do i press for what i want?
we took out a mortgage 7 years ago on our commercial building in order to run a retail store. a few years later, we established an llc for the business.
then, when we closed our store, we kept the llc business name and turned it into a investment business. i.e. it now was a business just for the investment of having a building.
our balloon just came due. they put the debt modification agreement in our names. i explained that we wanted it in the llc name. the loan officer said that would mean a whole new refinance as far as using the llc, and we'd have to pay more for an appraisal instead of the evaluation of worth that was used.
he then said it would be easier to just do a quitclaim deed and point the mortgage to the llc.
i'm suspicious of this. i don't see how it can protect us if something went wrong. and they seem to be making it hard to have the loan borrower as our llc. what's going on and what can we do??[/color:e0cd5cf4eb][/size:e0cd5cf4eb]
we took out a mortgage 7 years ago on our commercial building in order to run a retail store. a few years later, we established an llc for the business.
then, when we closed our store, we kept the llc business name and turned it into a investment business. i.e. it now was a business just for the investment of having a building.
our balloon just came due. they put the debt modification agreement in our names. i explained that we wanted it in the llc name. the loan officer said that would mean a whole new refinance as far as using the llc, and we'd have to pay more for an appraisal instead of the evaluation of worth that was used.
he then said it would be easier to just do a quitclaim deed and point the mortgage to the llc.
i'm suspicious of this. i don't see how it can protect us if something went wrong. and they seem to be making it hard to have the loan borrower as our llc. what's going on and what can we do??[/color:e0cd5cf4eb][/size:e0cd5cf4eb]
Hi doodlebug,
If the property is not included in your LLC, then you will have to transfer the property in the name of the LLC first. You will have to take the opinion of the lender in this regard. Once the property is transferred in the name of the LLC, then you can ask the lender to modify the loan in the name of the LLC. However, it'll be completely the lender's discretion whether or not he would accept your request.
Thanks
If the property is not included in your LLC, then you will have to transfer the property in the name of the LLC first. You will have to take the opinion of the lender in this regard. Once the property is transferred in the name of the LLC, then you can ask the lender to modify the loan in the name of the LLC. However, it'll be completely the lender's discretion whether or not he would accept your request.
Thanks