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Updated almost 5 years ago on . Most recent reply
Can I transfer mortgage and title to LLC?
Hi all,
I have a triplex with residential loan under my name. I just formed the LLC and plan to transfer the property to the LLC for protection purpose. However, I don't know what to do with the loan.
Couple questions.
(1) Do I need to transfer the loan to the LLC?
(2) Is it going to be commercial loan or residential loan?
(3) Does transferring the title or mortgage to LLC pierce the corporate veil?
Hopefully it is not too much to ask.
Thanks,
Andy
Most Popular Reply
- Tax Strategist| National Tax Educator| Accepting New Clients
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You won't be able to transfer the loan to the LLC- They'll make you refinance it likely as a non personal loan and it will likely have a higher rate.
You can transfer the title into the LLC- that always runs a potential risk of the bank calling the loan since now the house is no longer owned by who they issued the loan to.
