Posted on: 01st Dec, 2008 06:11 am
I would l ike to transfer ownerhsip of my property portfolio to my company but not the underlying mortgage. What is the best way round this?
my suggestion to you would be to not do this. a lot of lenders out there will not process a refinance when the property is not owned in the individuals name. typically lenders require that the borrower be in title prior to the date of the application.
i'm not exactly sure the benefit of putting these properties in the business name, but they can still be foreclosed on, your still liable for its payment, etc.
i'm not exactly sure the benefit of putting these properties in the business name, but they can still be foreclosed on, your still liable for its payment, etc.
Hi eunicejubin
I don't think that the lenders will agree to this. Once the lender comes to know that the ownership has changed, I think, they will insist you to refinance the mortgage.
Thanks
I don't think that the lenders will agree to this. Once the lender comes to know that the ownership has changed, I think, they will insist you to refinance the mortgage.
Thanks