From: "CalNeva" 
Newsgroups: misc.invest.real-estate
Subject: Re: How to Transfer Property to LLC with a mortgage
Date: Sat, 07 Jan 2006 18:19:03 GMT


 wrote in message 
news:aajqr1dusf8je67souqd0mjbuvsuqqk5go@4ax.com...
> Hi All,
>
> I have a 4Plex under my personal name with a mortgage on that property

Your loan documents should include an alienation clause which means that 
upon change of ownership, the whole loan balance becomes due immediately. 
You need to check your loan documents.

http://www.AmericanWest.biz

> under my personal name.  Recently created an LLC to help protect assets
> ans so forth.  I would like to transfer title of the 4Plex to the LLC.
> I beleive I can do that on my own with a Quit Claim Deed or Warranty
> Deed transfer to the LLC with the help of a title company and
> submitting the right paperwork with the county office.
>
> However, what do to with the personal mortgage on the 4PLex.  How do I
> go about transferring that to the LLC?  Is it wise to do that?  Will
> the mortgage servicing company allow that and keep the same terms?
>
> I am in texas just in case that helps out.
>
>
> Thanks for your advice.
>
> Regards
>
> Mike
>