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LLC Question
Posted on 8/16/11 at 4:07 pm
Posted on 8/16/11 at 4:07 pm
How can one move a mortgage from their personal name/debt to an LLC? So if I bought a house, lived in it, called it home, and now am buying another house but want to move the previous one into an LLC while I rent it out, how do you go about doing this? Does the LLC "purchase" it? Do you refinance it and transfer it into the LLC's name?
2
Posted on 8/16/11 at 4:09 pm to Htown Tiger
You can do any number of things, but the most common is an act of capital contribution to convey the property to the LLC.
Posted on 8/16/11 at 4:47 pm to Htown Tiger
Make sure you get the bank's consent to the transfer if the transfer triggers a default under your mortgage and you want to do it by the book.
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