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Updated over 6 years ago on . Most recent reply
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Filing Quitclaim Deed Causing Call of Loan?
I just refinanced a multi-family property today and had to quitclaim deed it back from my LLC to my person in order to complete the refi transaction. No problem. Now that the loan is in place, I intend to quitclaim deed the property back over to my LLC. The lawyer who handled today's closing warned me that putting the property back into my LLC might cause the lender to call the loan. She said there's a paragraph in the loan documentation that permits this. **Say what??** The whole point of my opening the LLC is to hold real estate in it to protect myself and my personal assets. Is this language just boilerplate and the lender just looks the other way? It's taken me months to get this refi in place so I don't want to create a major problem for myself by re-implementing the QCD. Anyone experienced this issue? Should I be concerned? I don't want to actually call the lender and ask, thus revealing my hand, but I also don't want to assume it's okay and get caught off-guard. Thanks in advance.
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Its called the alienation of title clause its in virtually every mortgage deed of trust and if your in Georgia Deed to Secure debt..
also a single member LLC is not going to protect you from anything.. just keep that in mind.
- Jay Hinrichs
- Podcast Guest on Show #222
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