Posted by Randy (SD) on October 24, 2003 at 15:36:09:
Most likely the lender will check or need to know the title status of the other property, you show your interest in the LLC, the rental agreements or documentation who?s making the payments and of course any positive cash flow or appreciation, no problem.
You should be aware some lenders will not accept this classification of investment properties, they want the title and leases in your name not your LLC, so expect some flack ? if you don?t encounter this problem, good for you but that?s not the norm.
Posted by Antoine (GA) on October 24, 2003 at 13:58:46:
I have a SFH deeded to a LLC (loan is in my name). When I go apply for a new mortgage for a second SFH, how would I claim the first SFH as an asset since it is deeded to a LLC? Should I deed it back to my name first? Or will the lender not check the deed if I claim it as an asset? Thanks in advance.
The lender doens’t check the deeds on other assets unless they are free and clear. Then they want you to prove they are free and clear. Well you have the loan and it’s on credit so more then likly they want you to show it as an asset but you don’t have to deeded it back and fourth. Just list it in the REO schedule as they would want you to anyway and keep on going.