Quit Claim, LLC, and Refi's - Posted by Stephen

Posted by George Jorochilov on October 19, 2003 at 21:52:44:

Dear Bob,

Along the same lines, I have a quick one. My parents own this house in CA, and they just can’t afford to live in any longer. They owe about 200K, I’m wondering if they can do a “Quit Claim” and render the property to me, even if the bank still owns the property.

Like to hear your response

George J.

Quit Claim, LLC, and Refi’s - Posted by Stephen

Posted by Stephen on September 12, 2003 at 09:49:20:

If I buy a property and personally sign for the loan and then quit clam the property to my LLC, what happens when I want to refi in the future? Do I need to quit claim the property back to myself in order to refi?

Re: Quit Claim, LLC, and Refi’s - Posted by Bob Taft

Posted by Bob Taft on September 17, 2003 at 18:27:36:

Something similar, but I own a few rental properties in a Family trust and when I refi’ed, I had to deed them back in to my personal name. I think it is a bank preferance thing more than anything else. Once the loans funded, I just transferred them back. I would assume it is the same with an LLC. Most bank loan officers and mortgage brokers only know residential financing and if it does not fit into their cookie cutter plan, they get nervous. I find it is just easier to deed them back and forth rather than fight it out with the lender.