LLC and cash out refy

[Charles A.]

I noticed how the LLC vs personal name purchase debate continues to rage on BP. This week,I experienced another good reason buying with an LLC is a major trap. My cash out refy process was going without a single hitch until I got a call today saying underwriting could not go to closing unless we quit claim the deed to my personal name. But here's the kick in the teeth: Even if I do the quit claim,they would then need 6 months of additional seasoning wait time in my name to reconsider the refy. Bummer.Bigly. Especially since I already lined up an apartment deal that needed to be funded with the expected cash out... Double Jeopardy. Classic. Don't fall into the LLC trap. Now you have one more reason to think twice about it. 😰