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 eunicejubin
Joined: 01 Dec 2008
Posts: 1
1.27 Dollars($)
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 Posted: Mon Dec 01, 2008 7:11 am Post subject: transfer of ownership to company |
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| I would l ike to transfer ownerhsip of my property portfolio to my company but not the underlying mortgage. What is the best way round this? |
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bearboysj
Joined: 25 Oct 2008
Posts: 42
17.02 Dollars($)
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| Posted: Mon Dec 01, 2008 10:35 am Post subject: |
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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.
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Senior Underwriter
Flagstar Bank, FSB |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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| Posted: Tue Dec 02, 2008 1:39 am Post subject: |
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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
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Good is the Enemy of Great. |
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