Foreclosure in 33139>Question Details

Rebecca, Other/Just Looking in 33139

What happens if you put your underwater rental property into an LLC or corporation and then stop paying the mortgage and declare bankruptcy?

Asked by Rebecca, 33139 Thu Dec 29, 2011

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3
You will get foreclosed upon as the transfer of title will not change the fact that the property remains encumbered by a first lien position. In many cases the transfer of ownership will be irrelevant as the new entity took control over the asset with the preexisting lien
0 votes Thank Flag Link Sun Jun 10, 2012
If the loan is in your name, this plan does nothing to avoid foreclosure or keep it off your credit.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Mon Jan 2, 2012
Before considering the idea, do consult with an attorney who specializes in real estate, he/she can best advise as to your options....
0 votes Thank Flag Link Thu Dec 29, 2011
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