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rental deeded to LLC

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Figma Guest 0.10 Dollars($)	Posted: Sat May 27, 2006 12:36 am    Post subject: rental deeded to LLC I have a rental property that has LLC on the title. The mortgage is in my name (not the LLC). I want to get a HELOC on the property, but can not find a lender that will fund unless the title is back in my name and not the LLC. Is this common? Do I really need to quitclaim the deed back into my name then after the loan quitclaim it again to the LLC? The LLC is a sole entity, with only my husband and I? Is there any lenders that fund to an LLC? And why can't I find them? Any suggestions? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
helping_user Joined: 31 Mar 2006 Posts: 803 Location: Hawaii 149.53 Dollars($)	Posted: Sat May 27, 2006 3:21 am    Post subject: Re: Hi Figma, Quote: Do I really need to quitclaim the deed back into my name then after the loan quitclaim it again to the LLC? Quit claim deed is not a solution to your problem. That will not add your name on the title to the property, but it gives only a percentage of interest. To add the title, you have to go for title deed. But I don't think it's a smart move. Few lenders are there who can lend you and allow the title to be vested in a LLC. Don't get upset. MortgageFit has large community of Lenders. Hope, you will be get a contact very soon. Hope for the best. Thanks
Caron Moderator Joined: 19 Jul 2005 Posts: 1482 Location: florida 250.36 Dollars($)	Posted: Sat May 27, 2006 3:44 am    Post subject: RE: LLC on rental property and mortgage Hi Figma, To change your title once just to get the mortgage and then transfer your title again does not seem to be a meaningful solution. What I shall suggest is that you can continue with this discussion with other Community members and let's see what they suggest. Our Community experts are always ready to help out the common people. You too can join our Community and learn from our experts and mentors. You can also help others with your knowldege and experiences. In the meantine, I shall look around for some more information, may be a mortgage company that deals with LLCs and if I find such details, I shall surely post it here. Thanks, Caron.

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