Taking out a mortgage in your name and than titling to LLC.
Hi to everyone,I'm a small investor and I'm new to BiggerPockets.Great site by the way,very helpful.I have a question that I haven't been able to answer.If I get a mortgage in my name and than I form an LLc and title the property to the LLC what are the consequences on that mortgage.In effect what happens if the LLc gets in a lawsuit.Will the property be liable since it is owned by the LLc and perhaps be taken by a creditor or will the mortgage still act as an equity stripping vehicle.Since the mortgage is in my name and not the LLc will the LLc have to pay the creditor and will i still be responsible for the loan,or will the Loan still attach to the property and act as a first lien even though the LLc owns the property.Will i lose the equity stripping protection of the mortgage if i put the property in an LLc.Thanks .