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Updated about 4 years ago on .
Moving primary home to LLC
Hi there everyone! I have a question and need some advice and expertise.
I purchased a property back in Feb of 2020 as a primary residence with a 30 year conventional mortgage. After one month due to covid I decided to rent it out due to my parents needing financial support. It's been rented ever since and I'm now almost one year into it and I want to move the property to an LLC. What is the best way to go about transferring the 30 year loan to an LLC. It's my understanding that the mortgage company can invoke the "due on call" clause and that's the last thing I want happening. What are your recommendations. I just want to make sure I don't have to pay the whole loan as soon as I tell them I'm renting the property in it and not living there.
Thank you in advance you all have helped me a ton so far!! I really appreciate it.