Refinancing With An LLC!
Can anyone tell me for sure if this creates a problem?!?
I have a mortgage on an investment property that I own. I, personally, am responsible for the actual mortgage while my LLC owns the deed (I x-fered it to an LLC after I purchased it!).
DO I have to refi with an LLC on the mortgage in which case the fees and interest rates skyrocket? Or should I be able to do it as a personal mortgage?
Thank you,
[addsig]
You can refi in your name, but you will have to put house back in your name. If you are transferring title so much. Why not put the property in a trust. You have the same protection.
Lori
[addsig]
Lori -
Would I put the property of the trust and make my LLC the beneficiary? Or should I be the beneficiary personally?
Thanks!
[addsig]
A Land Trust (in FL) does not offer any liability protection. It can hide your name from public record, which offers some indirect liability protection.
Other forms of trust might offer liability protection.
Brenda
Ypu should talk over any concerns with your attorney.
My trusts, have a trustee, settlors, and benefiiaries.
They also have EIN numbers so there is protection there.
You would need to discuss your situation with your real estate attorney
Lori
[addsig]