One of my LLCs is the MORTGAGOR of a mortgage note and I would like to assign it to another one of my LLCs. How would I go about this? What tax consequences, if any, should I be prepared for? My mom is also listed as an authorized member on the LLC - if that matters.
Updated almost 3 years ago
EDIT: Made a mistake. I am the MORTGAGEE - the lender.
As the Mortgagor, the borrower, you Can’t assign/transfer the note/mtg to anyone else. The original Mortgagor/borrower will be liable until it is paid off.
Thanks Wayne. I actually made a mistake - I am the mortgagee/lender. Any advice you have would be helpful.
You just need to record an Assignment of Mortgage from one LLC to the other. Should be no tax implications, check with a CPA to be sure.
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