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Updated over 13 years ago on . Most recent reply

User Stats

24
Posts
5
Votes
Takeshi Yashima
  • Real Estate Investor
  • Alhambra CA
5
Votes |
24
Posts

Transferring the properties from my own name to LLC

Takeshi Yashima
  • Real Estate Investor
  • Alhambra CA
Posted

Hi,

I owned several properties under my name and already transferred several properties from under my own name to LLC via quit claim and all of my mortgages are impounded. Here is the problem. Property tax went up several times in the past. Therefore, monthly mortgage payment with escrow also went up. Since I did not tell banks about transferring the properties from my own name to LLC name, I can't tell them about payment change (If I let them know, they will notice that I move the property under LLC name that leads to trigger Due of Sale Clause).

In this case, what should I do? Is there any way that I can deal with this escrow amount change without letting banks know? I am sure many people are in this situation and I would like to get advise of how to deal with this issue.

Any suggestion are appreciated!!

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