Can you transfer property into a LLC or trust if it is mortgaged ? - Posted by OzarkMark

Real Estate Investing
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Posted by Bill K. (AZ) on March 31, 2000 at 22:05:51:

Mark,

The bank will allow you to transfer TITLE into a trust or LLC. In fact, they allow it because you don’t even have to tell them that this has happened. However, it is doubtful that they will allow the trust or LLC to be responsible for the loan while removing you personally if that’s what you’re talking about.

Bill K. (AZ)

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Can you transfer property into a LLC or trust if it is mortgaged ? - Posted by OzarkMark

Posted by OzarkMark on March 31, 2000 at 21:11:20:

My home is mortgaged to the hilt, the deed is in my name with the bank as lien holder. Will the bank allow the mortgage to be transfered into a trust or LLC? TIA!