Posted on: 24th Apr, 2009 12:14 am
when the owner quit claim deed a property into an llc (in the ownership of someone else), does that mean that the owner no longer owe mortgages? title? would the llc (grantee) has fully ownership and take on full mortgage?
thank you!
thank you!
Hi Guest,
A transfer through a quitclaim deed can only transfer the ownership or the title, it cannot transfer any financial liability like a mortgage. So, if your name is on the mortgage, you will be held responsible for it, even after you quitclaim it to an LLC.
A transfer through a quitclaim deed can only transfer the ownership or the title, it cannot transfer any financial liability like a mortgage. So, if your name is on the mortgage, you will be held responsible for it, even after you quitclaim it to an LLC.