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Updated about 1 year ago, 12/02/2023

User Stats

15
Posts
2
Votes
Justin Igoe
  • Rental Property Investor
  • Wilmington, DE
2
Votes |
15
Posts

Can I quit claim deed into my series llc when only wife is on mortgage?

Justin Igoe
  • Rental Property Investor
  • Wilmington, DE
Posted

Long time lurker on BiggerPockets and very grateful for all the great info I've found here over the years. 

My wife and I are moving out of our current home and going to rent it out. My wife is the only one on that mortgage which is owned by Fannie Mae. We are both on the house deed. I have a Delaware Series LLC which as of now I'm the single member.

If I open a new series 50/50 with my wife and quit claim our house deed into that series would that violate the mortgage or trigger the due on sale clause?

I heard Fannie and Freddie now allow you to transfer their mortgages into LLC's but my concern is that I'm not a borrower on the mortgage and we'd be transferring into an LLC Series that I'd own 50% of.

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