Posted by Tom on January 11, 2001 at 15:12:16:
If your name is on the note it is highly unlikely that the note holder is going to release you. The note holder wants all the security that they can get, that’s why they required you to sign in the first place. Putting it in the LLC without a release is not going to do you any good.
What is my liability? - Posted by Sherri in Atlanta
Posted by Sherri in Atlanta on January 11, 2001 at 15:05:37:
My name is on the note for two of my husband’s rental properties. He’s not been doing well financially with his business endeavors, and we are struggling. How do I get his investment properties out of my name? He says he is going to sell one of the rental houses, but it may not sell for several months. He has an LLC – is there any way to get the property over into the LLC’s name? Thanks!
Re: What is my liability? - Posted by David Marti
Posted by David Marti on January 11, 2001 at 22:16:04:
A corporation, as an entity, can buy property or real estate. You will remain liable until the notes are paid in full, satisfied, or separated in a court decree.
Re: What is my liability? - Posted by phil fernandez
Posted by phil fernandez on January 11, 2001 at 18:44:15:
If you originally signed the notes, you will be liable regardless if you now transfer the properties into a LLC.
Re: Your Liability Is, - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on January 11, 2001 at 17:57:48:
The amount owed on the notes. If you pay them off as you agreed to do when you signed the notes, they will leave you alone.
The fact that you ree strapped financially changes nothing. You still owe the money. Placing the properties in a LLC will mean that all who are on the notes now plus the LLC cill owe the money on the notes.
The logical way to get off of the notes is to pay them off.