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Updated about 8 years ago on . Most recent reply

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Thomas Hickey
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Thomas Hickey
  • Real Estate Investor
  • from Peabody, Massachusetts
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Thomas Hickey
  • Real Estate Investor
  • Peabody, MA
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Buying & Selling Real Estate

Converting traditional mortgage title into LLC?

Thomas Hickey
  • Real Estate Investor
  • Peabody, MA
Posted
Hi All! I hold a traditional mortgage on my 4 unit. Wondering the process of converting my deed to an LLC? Thanks, Tom
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Steve Vaughan
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Steve Vaughan
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Steve Vaughan#1 Personal Finance Contributor
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  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

The mortgage co will have the right to call the loan with the due on sale clause.

More importantly, your title insurance was issued to you.  As was your property/hazard insurance.  You won't own it anymore.  Asset protection.  LOL

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