My mother runs a preschool out of a different house than the one we live in. both mortgages are in her name. The business (preschool) is in the form of an LLC but her mortgage is under her name. she is going through tough times with the school and cannot pay the mortgage on that house. how can i protect her assets and the house she lives in if the preschool house gets foreclosed or the business goes bankrupt. can the preschool mortgage be put under the name of the LLC? any advice is much appreciated. Thank you
How can i change a mortgage to be owned by an llc for liability purposes?
Unfortunately, there is probably not going to be an easy way to put the house in a different name or under a company name. Likely, you would have to take out a mortgage in the name of the LLC and %26quot;Sell%26quot; the home to the LLC.
The business, however, can be protected by adding it to a LLC, but if the main costs are the house, I am not sure that this will help any...
