Posted on: 21st Apr, 2008 03:33 pm
If I still have a mortgage on a property can I quick claim the property to my LLC business
Hi Fosterj,
Welcome to forums.
It depends upon what's written in the loan contract. If the contract prohibits any kind of transfer of property while you're still in the mortgage, then you better not quitclaim or else the lender/mortgage company has the right to call the loan due asap.
However, if you don't find anything mentioned about propery transfer in your loan contract, then have a straight talk with the lender and then proceed accordingly.
Thanks
Welcome to forums.
It depends upon what's written in the loan contract. If the contract prohibits any kind of transfer of property while you're still in the mortgage, then you better not quitclaim or else the lender/mortgage company has the right to call the loan due asap.
However, if you don't find anything mentioned about propery transfer in your loan contract, then have a straight talk with the lender and then proceed accordingly.
Thanks
I don't think the lender will allow you to do so because he has an interest in the rental property.
i'm quite sure you will find that your lender will not be happy to find you've transferred title without their knowledge, should you do so.
