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Updated about 8 years ago on . Most recent reply

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304
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Thomas Hickey
  • Real Estate Investor
  • Peabody, MA
91
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304
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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

Most Popular Reply

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,109
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10,252
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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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