Bankers, Lenders, and Mortgage Brokers

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Kim Martin
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Mortgage company wants to initiate Due on Sale clause

Kim Martin
Posted Oct 2 2019, 19:45

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.

Kim

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