How can I move my rental property mortgages out of my personal credit record?
by Mortgage Rates on Saturday, September 25th, 2010 | 4 Comments
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Sorry, you’ll have to refinance the loans to move them into the LLC and out of your credit file.
If the mortgages are in your name, it is only proper that they show on your credit records. You’d better get some informed legal and tax advice before quit claiming anything.
Perhaps… you can “trade” with someone else? There are some real estate agents that specialize in property trades, even three-way trades.
And of course, you’ll have to look for another lender!
You can’t. If you were EVER personally liable on the loans, they BELONG on your personal credit record. Alsop note, you CAN’T transfer the tile without PAYING OFF the existing mortgages. This is a clause found in EVERY mortgage. Your new LLC would have ZERO credit history, resulting in any lenders requiring a personal guarantee in order to loan money to it.
Short form, if you want to move, you WILL sell at least one on the properties. Also note, you DON’T own 4 rental properties. Due to the mortgages, the 4 rental properties own YOU.