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Updated over 2 years ago on . Most recent reply

User Stats

3
Posts
0
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Jeffrey Wolff
  • Investor
  • Washington DC Metro
0
Votes |
3
Posts

LLC/Land Trust/Personal Mortgage

Jeffrey Wolff
  • Investor
  • Washington DC Metro
Posted

My single family residential rental property is held in a land trust, whose beneficial interest is assigned to my single-member disregarded LLC. I have opened up a business bank account where the rental payments are deposited. The mortgage for this property is held in my personal name (conventional 30 yr loan), but I have the monthly payments deducted from my business account. Since the mortgage is in my personal name, but the mortgage payments are made out of my business account, could this be construed as commingling liabilities and potentially be interpreted as piercing the corporate veil in case of litigation?

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