Posted by Rob FL on March 03, 1999 at 06:44:53:
Assumable with No Qualifying.
Liablity - Posted by Steve
Posted by Steve on March 02, 1999 at 08:03:48:
I moved a property into a LLC, but the assumable FHA loan
is still in my name. Does this negate the protection of the
LLC? Thanks, Steve
Re: Liablity - Posted by Rob FL
Posted by Rob FL on March 02, 1999 at 20:17:59:
If they have to foreclose it will be a mark against your personal credit if you signed the note in your name. The LLC still protects you in all other matters like tenants lawsuits, slip and falls, etc. just not from the lender. Your conveyance may also violate a due on sale clause in the mortgage unless it was ANQ.