Explain a QuitClaim Deed as far as pointing my mortgage to my LLC?
We took out a mortgage 7 years ago on our commercial building in order to run a retail store. A few years later, we established an LLC for the business.
Then, when we closed our store, we kept the LLC business name and turned it into a Investment business. i.e. it now was a business just for the investment of having a building.
Our balloon just came due. They put the Debt Modification Agreement in our names. I explained that we wanted it in the LLC name. The loan officer said that would mean a whole new refinance as far as using the LLC, and we’d have to pay more for an appraisal instead of the evaluation of worth that was used.
He then said it would be easier to just to a QuitClaim Deed and point the mortgage to the LLC.
I’m suspicious of this. Can it work and would it really protect OUR assets IF something went wrong in the future…the way an LLC would??