Updated over 6 years ago on . Most recent reply
Put a property in an LLC- trigger mortgage co??
Father passed and left me properties- two of which were bought as a second home. I'll be renting/managing these as vacation rentals. As I now need to move these out of his name I'd like to put them in an LLC, but my concern is it'll trigger mortgage to reassess the mortgage from a second home to an investment property. I know the mortgage co. can't call in the loan (due on sale) b/c of Garn St. Germain Act, but can they change any of the mortgage if I try to protect myself and put in an LLC??
Thanks,
Scott