All Forum Posts by: Betty M.
Betty M. has started 1 posts and replied 2 times.
Post: Putting privately owned rental property into LLC
Betty M.Posted
- Carmel, NY
- Posts 2
- Votes 0
That is what I'm afraid of even though its a line of credit with no balance but I would hate to lose the great rate it's got just in case I need to use it later. Thanks!
Post: Putting privately owned rental property into LLC
Betty M.Posted
- Carmel, NY
- Posts 2
- Votes 0
I own a rental property which used to be my primary residence. It is owned privately, and there is a home equity line of credit on it. I want to form an LLC and put the property into the LLC. My questions are: (1) will the lender cancel and require the line of credit to be closed upon deed transfer? (2) if the lender allows the Line of Credit to continue in my name, does this affect the protections afforded me by placing the property in an LLC?
Thanks.