Transferring a mortgage note from one LLC to another LLC

3 Replies

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.

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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