Mortgage company wants to initiate Due on Sale clause
Closed on 2nd rental property in July. I have successfully setup LLC and am trying to transfer property into LLC. When I initially spoke with customer service rep at RoundPoint Mortgage(my original mortgage was sold to them) I was told they do not execute Due On Sale. My attorney was told I needed to send letter to Mortgage company stating what I wanted to do and they would pass letter on to lender for approval. I received notification today that if I transfer to LLC Due on Sale will be initiated so now I'm not sure what options I have? Find lender who will let refinance under LLC? Look for possible HELOC to secure remaining funds to payoff loan and then transfer to LLC?
Any advice would be greatly appreciated.