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transfer of ownership to company

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Icon Mini Profile eunicejubin





Joined: 01 Dec 2008

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1.27 Dollars($)
Post 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?
Icon Mini Profile bearboysj
bearboysj




Joined: 25 Oct 2008

Posts: 42

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Post 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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Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
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Post 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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