M&T Bank Due On Sale Clause help!
Hey everyone! Can someone help me out with this?
I purchased my first investment property (woohoo!!), and the mortgage company sold it to M&T Bank in Buffalo. Of course, I want to protect my asset & transfer to an LLC... But, as we all know, the bank can call on the note with the Due on Sale Clause if I transfer it to my LLC....
So, I called M&T bank's mortgage department to get more clarification and wasn't able to get a straight answer... just lots of confusion and verbiage like "we can’t do that kind of transaction" and "you'll have to refinance." Does that sound like the answer you’d get from a bank that would call on the note? Any help here is greatly appreciated!!