Posted on: 01st Aug, 2008 01:28 pm
If I quit claim my home to my LLC and am later sued personally, will the suer be able to attach the quit claimed property?
Hi victoriac.
Welcome to the forum.
Is it a mortgaged property? If this is a mortgage property then you cannot quitclaim to the LLC without the lender permission. And even if you quitclaim the property to the LLC then the mortgage also needs to be refinanced on the name of LLC. Otherwise, according to the Due-on-Sale clause the lender can demand for repayment of the outstanding loan balance.
Best of luck,
Larry
Welcome to the forum.
Is it a mortgaged property? If this is a mortgage property then you cannot quitclaim to the LLC without the lender permission. And even if you quitclaim the property to the LLC then the mortgage also needs to be refinanced on the name of LLC. Otherwise, according to the Due-on-Sale clause the lender can demand for repayment of the outstanding loan balance.
Best of luck,
Larry
No.
Hi Larry-thanks for the input. This property is owned free and clear by me. If I transfer my property to my LLC and am later(God forbid!) sued , can my property still be attached?
Welcome victoriac.
If you own the property free and clear then you can quitclaim to anyone you wish and after signing the quitclaim deed, you will no longer own the property. So your creditors cannot attach lien on that property.
If you own the property free and clear then you can quitclaim to anyone you wish and after signing the quitclaim deed, you will no longer own the property. So your creditors cannot attach lien on that property.