What are the Pro's and Con's of putting my house into a corporation I just formed?

Question

What are the Pro's and Con's of putting my house into a corporation I just formed?

Answer 1

Never put your home into the corp as if it fails, you will loose the house as well and you are entitling the corp. members to gain access to your property. If the corp.fails at least your home can't be touched by creditors and as you pay the mortgage, your property value should increase as well your private ability to borrow against it or control the sale of it alone and not share with the corp.members.Times change, people change, but that home is your nest egg.

Answer 2

I'm not a legal or financial expert, but from what I understand, the corporation's assets are protected against any liabilities that you may incur (because your name is not on the assets), just like you're not liable for any of the corporation's assets.  Putting your house into the corporation, protects the house from any loans that you may have against you, but exposes it to the liabilities that the corporation has.  If you have an existing mortgage against the house, I'm sure a corporation wouldn't protect that.  Don't people usually put their houses in trusts?  So you can have your corporation, and a trust and keep things separate.