Posted on: 09th Jun, 2009 07:03 pm
My son has purchased a house still making payments he can no longer make the payments. (he had renters but they left himhigh and dry) Is there a way to transfer it into a llc owned by me? and what would happen if the LLc could not make the payments. Would I be the only one responsable for the loan?
Hi jescicchi,
A property can be transferred to an LLC through a quit claim deed. But your son may not be able to transfer the house to your LLC at this point. There is a mortgage on the property and a transfer of title to an LLC will require the lender's approval. If the lenders are not informed, they can claim the transfer to be invalid and file a case in court to reverse the deed.
A property can be transferred to an LLC through a quit claim deed. But your son may not be able to transfer the house to your LLC at this point. There is a mortgage on the property and a transfer of title to an LLC will require the lender's approval. If the lenders are not informed, they can claim the transfer to be invalid and file a case in court to reverse the deed.
your son needs approval of lender for quit claim deed. once appoved he can transfer property to you. lender may ask for refinance in your name as a precautionary measure. then you will be answerable for payment.