Posted on: 07th May, 2009 10:42 am
I have two homes and one is paid in full and the other has a mortgage on it. I would like to setup a LLC and quick claim the paid for home in to it. Can I do this and if so if the mortgage goes to for closer can the LLC home have a lien put on it to pay off the mortgage?
Hi Kjake!
Welcome to forums!
You can definitely quitclaim the free and clear property into an LLC. In my opinion, a lender will not be able to place a lien on the property which is transferred into an LLC. However, if the lender comes to know that you have transferred the property into LLC just to save it from the lender, then this can be considered as a fraud.
Sussane
Welcome to forums!
You can definitely quitclaim the free and clear property into an LLC. In my opinion, a lender will not be able to place a lien on the property which is transferred into an LLC. However, if the lender comes to know that you have transferred the property into LLC just to save it from the lender, then this can be considered as a fraud.
Sussane