Bank Refused My LLC Title Transfer

[Kenny Dahill]

I recently received in the mail a notice that I am not allowed to transfer my primary home to my LLC. They mentioned restrictions due to Fannie Mae.

I would be subject to termination if I do not transfer it back.

Has anybody else dealt with a similar situation? I have never heard of this problem before and am surprised since transferring to my LLC is more protection against the asset for them.

Any suggestions/recommendations how to correct this with the bank and allow my LLC to own title?

[Russell Brazil]

If you want the protections of an LLC, then you have to get a commercial loan at worse terms. If you want the preferential lending terms of conventional loans then you have to personally own the property. Its an either or situation.