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Create LLC to purchase my residence

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dan5 Joined: 29 Jun 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Jun 29, 2010 8:21 am    Post subject: Create LLC to purchase my residence Like 0 Dislike 0 In MD my primary residence is upside down. Can I create an LLC and have the LLC purchase the property from me for the fair market value? The LLC would apply for a loan with 20% down. What type of loan would the LLC need to apply for? the house is worth $199k and the LLC would need a loan for $120k.
adonis Joined: 22 Oct 2005 Posts: 10542 Location: ALASKA 1086.66 Dollars($)	Posted: Tue Jun 29, 2010 10:48 pm    Post subject: Like 0 Dislike 0 Hi dan, You can transfer the property in the name of an LLC with the help of a quit claim deed. However, it would be difficult for the LLC to qualify for a mortgage. Moreover, if you're delinquent on your mortgage payments, then the delinquent amount should have to be made current first. _________________ Procrastination is the enemy of your financial success

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