Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago on . Most recent reply

User Stats

251
Posts
51
Votes
Michael L.
  • Investor
51
Votes |
251
Posts

I'm looking for some insight on the "quit claim deed" and the due on sale clause🤔

Michael L.
  • Investor
Posted

Grand rising BP fam🤜🏻🤛🏽! How likely is a bank to call your loan due on a quit claim deed if your payments are current? Has anyone experienced this, and if so, I'd like you to pm me to break it down for me please. Salute🫡

Most Popular Reply

User Stats

17,430
Posts
30,077
Votes
Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,077
Votes |
17,430
Posts
Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied
Quote from @Michael L.:
Quote from @Russell Brazil:

When you update your insurance to reflect the new owner of the property, that's when the lender is notified and calls the note due.

If you don't update the insurance, they typically will not know. However then you have an uninsured property and an easily piercable LLC since the property is owned by the LLC and mortgage is in your name.


 @Russell Brazil, thanks for the insight. Is there a way to avoid this problem?


Yes. You refinance the property to a commercial loan. You get a new commercial insurance policy with the new owner reflected. And you properly maintain seperate bank accounts of the new LLC.

business profile image
District Invest Group
5.0 stars
44 Reviews

Loading replies...