Tiffany Jones
Welcome to bigger pockets.
You can file quit claim deed in the county where the property is located.make sure to check with the lender if it would be OK with them.
Some lenders have a clause where if you quit claim deed, you will go the full amount at that point.
Hope it helps.
Hi Tiffany, I am new to the forums too, you might get some follow up questions for more detailed info. Can you elaborate a bit more on the property type, financing and what you specifically mean by "get it out of my name". I am sure some of the seasoned experts will have some great answers for your question plus more..!
Tiffany Jones
Welcome to bigger pockets.
You can file quit claim deed in the county where the property is located.make sure to check with the lender if it would be OK with them.
Some lenders have a clause where if you quit claim deed, you will go the full amount at that point.
Hope it helps.
Hi Price- I purchased the property with the thought of moving in but I did not. Now the property is in my name and I'm nervous about the lack of asset protection. I called the bank and they stated that I may have to pay the full amount if I did a quit claim. I owe 15 years left on this house.
Hi Tiffany, my colleagues and I don't believe that the bank's threat is credible regarding accelerating the note and making you pay it all of. You don't see examples of banks foreclosing on a performing note based upon this issue since before 1960's. On a practical note, the issue is that it is bad for the bank's business to do this. If you want to know more please contact me offline.
Biggest question is WHY change the title? If you're thinking asset protection - - try again. IMO it's all FUD: Fear, Uncertainty and Doubt to cry an entity other than yourself will "protect you".
1) how many years have you done without so far?
2) I've come 18 yrs and I still own the shirt on my back.
IMO, it's irresponsible to comment that a bank will not enforce the Due on Sale. There's just too many factors including the condition of the banks portfolio. Don't gamble! CONSULT a lawyer before you do anything in changing title !
Simple landlord liability insurance will do, and you might consider
An Umbrella policy
Errors and Omissions insurance
if you wish to be conservative.
An entity (LLC, LLP, S-corp or C-corp) can still be broken by careless procedures (like personal funds taken from entity accounts).
Heck, getting a non-recourse loan is a good first step to protect your personal assests (that's a purchase money note and NEVER refi; you lose the non-recourse).
the LLC for asset protection is just guru poppycock. keep it as it is and get a personal umbrella then. and stay on top of your rental's maintenance and tenant repair requests.
@Annette D.@Scott W. If you have your JD degree then who am I to differ. I'll just comment that ANY entity can have the corporate veil pierced and thus offer no effective protection.