transferring ownership to llc

[Joe Fermin]

hello all.  our rentals mortgage is held by phh mortgage.  i asked if i can transfer the ownership/loan to an llc, which i was considering starting.  they said that they do not do that, but i may be able to do something called a formal assumption of the debt.  im not familiar with this and was wondering if anyone else had any insight on this.  thanks in advance