Should I dissolve my LLC?

[Julie Ferrier]

I bought a house to live in in 2010. When I moved out of state 4.5 years ago, I turned it into a rental property. After doing a bunch of research, I decided to move forward with putting my property into an LLC, as I was planning to buy some additional real estate and figured it was my best bet to lump all of them into an LLC to protect myself.

I refinanced the property last summer after spending a good number of hours researching banks to find one that would allow me to drop the property directly into the LLC at the close of the refinance process. I found one! We moved forward, and I reminded my agent about a dozen times during the process that we MUST put the property in the name of the LLC at the end as I didn't want to go the route of the quitclaim deed, and she always nodded her head and said she remembered.

At the end of the process, she looked at me blankly and stated that there is no other option but to go the route of the quitclaim deed, as no bank has the ability to do a refinance in my personal name but put the deed in the name of the LLC. And then she threw me this curveball: The bank I had just completed the refi with has a policy to call the loan upon receiving the quitclaim document.

Here's the summary: I don't really want to refi again, but I now have this useless LLC that I can't put my property in and it's costing me a few hundred bucks a year to just sit there and not protect me. Due to the heat of the market and losing my ground team (also to relocation out of state), I've decided to not buy another property in that state in the foreseeable future.

Should I dissolve my LLC? Should I refinance again to a bank that doesn't have such a policy? Should I chance doing a quitclaim and cross my fingers that they don't call the loan?

Thanks in advance for any suggestions!