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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Tue, 24 May 2005 20:45:35 -0500
/ Author of the message: "John A. Weeks III" |
Title of the message: |
Re: Does a mortgage come due with a quit claim deed
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Text of the message: |
In article <onJke.9829$w21.8740@newsread3.news.atl.earthlink.net>, "David Jensen" <DJNews1@xxAssociates.net> wrote: > I was told today by a banker that it is possible to build a rental property > in my name (to get cheaper Fannie Mae financing), and then quit claim it > over to an LLC holding company that I control (for liability reasons), > without the mortgage "coming due" at the point it is quit claimed. > Furthermore, the banker didn't indicate that the mortgage would have to be > assumed by the LLC to make this happen. Maybe that was the critical detail > that she left out. Now, I'd like to believe the banker, but it just doesn't > sound right to me. What is your understanding? If you keep making payments, it is possible that the lender would never know about the quit claim. As a result, they wouldn't know to call the loan. If anything happens, however, |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.