Home Buying in Birmingham>Question Details

norrgs400, Home Buyer in Philadelphia, PA

How do I have investment property removed from my personal credit report and put in an LLC.?

Asked by norrgs400, Philadelphia, PA Tue Apr 9, 2013

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You would need to refinance the residential mortgage into a commerical mortgage under the name of the LLC. That is going to be a challenge for you.
1 vote Thank Flag Link Tue Apr 9, 2013
Your LLC would have to have credit on Dunn and Bradstreet - Then you would need to find a lender that financed property for Corporations or LLCs - (I think you have to be a corporation for Dunn and Bradstreet) - - So basically impossible. Because there are no such lenders. You and your credit are the security of the loan. You can't transfer that. - You can however - Do whatever you want to with a Deed typically. You can put it in your Mom's name as long as she signs the Quit Claim Deed.
1 vote Thank Flag Link Tue Apr 9, 2013
If I am correct, an LLC may use D&B also.
Flag Wed Sep 11, 2013
Will signing the Deed remove it from my credit report?
Flag Tue Apr 9, 2013
The only way this can be accomplished is have the LLC qualify for a new loan, and pay off the current mortgage in your name.
0 votes Thank Flag Link Sun Aug 25, 2013
A LLC (Limited Liability Corporation) is a legal entity similar to a real person. It has a credit history, income, and expenses.

If you purchase an investment using your LLC, unless you are paying cash, you will have to pass a lender check before they will approve a loan.
0 votes Thank Flag Link Sun Aug 25, 2013
You can transfer ownership to an LLC, but that doesn't remove your personal obligation to the debt. You have to pay off the debt to do that.
0 votes Thank Flag Link Mon Jul 8, 2013
Difficult if not impossible. Try a free 30 minute consult with an attorney for more specifics. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Tue Apr 9, 2013
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