Quit claim deed to LLC

[Shannon Smith]

We are buying with a second home mortgage. We intend to use the home personally when we can but primarily for STR. Our plan was to quit claim deed the house from the bank to an LLC after closing but we know there's a risk the bank could call the loan if they found out. Do you always put your homes into LLCs? Has anyone ever heard of a bank actually calling the loan over this…? thank you.

[John Underwood]

Quote from @George Red:

Quote from @John Underwood:

So your buying it as a 2nd home with a 2nd home mortgage then you want to move it into as business entity (LLC). This could be seen as mortgage fraud.

@John Underwood I thought it was fairly common for people to buy an investment property in their own name and then move it to an llc… there may be an acceleration clause the bank can call but I thought buying and moving to an llc was not uncommon and not illegal.

 It's a second home loan or it's a business loan. Your trying to have your cake and eat it too.