Rentals in 60041>Question Details

Ed, Other/Just Looking in 60041

Would an LLC still protect you if you never recorded a property that was quit claimed into it?

Asked by Ed, 60041 Wed Jun 13, 2012

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what came of this scenario????
0 votes Thank Flag Link Tue Jan 15, 2013
An LLC doesn’t protect you from something you did wrong. Like having an unrecorded deed for example. My guess on that one would be trying to circumvent the due on sale clause in the mortgage. If you didn’t do anything wrong, ask the lender for written permission to record the deed. Anything you do in an attempt to circumvent doing the right thing can bite you. Funny, an attempt to limit liability by committing bank fraud? You can insure against liability, the other is criminal. By the way, the feds can read online questions also. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Jun 14, 2012
Ed
you need legal advice. But i must ask, protect you from what? walking away from a mortgage from a house you owe more than its worth. Banks are wise to folks folks transferring the deed to separate themselves from the property in the hope that they can get out from under without the consequences..
0 votes Thank Flag Link Thu Jun 14, 2012
Ed,
LLC is a form of ownership only. You need to have the deed recorded for protection. You may want to check to see if any claims were recorded against the property after your quit claimed deed was generated due to it not being recorded. I would recommend that you seek the assistance of a real estate attorney who can give you proper advice and direction. We are not attorneys and can't give legal advice.

All the best,

Gary Geer

http://www.ggeer.illinoisproperty.com
0 votes Thank Flag Link Wed Jun 13, 2012
Ed without the deed on record it is not legal. You should find out if you can record it now. Some states do have limits and then you must provide good cause. I would seek the advice of a local real estate attorney to protect you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Jun 13, 2012
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