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Updated almost 8 years ago,

User Stats

56
Posts
13
Votes
Nick L.
  • Rental Property Investor
  • Pittsburgh, PA
13
Votes |
56
Posts

Lender wants me to transfer title in and out of my name for loan

Nick L.
  • Rental Property Investor
  • Pittsburgh, PA
Posted

I was referred to a mortgage broker for a re-fi on a rental property that I own (refinancing out my private lender in to long term financing). Long story short, late in the game, the mortgage broker has informed me I would need to quitclaim the property from my company name in to my personal name to close the loan, and then I can quitclaim it back to my company name immediately after the loan is closed. 

Technically I think they are asking me to violate their due on sale clause. In addition, I will need to pay transfer tax for the transfer back in to my company name.

Anyone have thoughts on this?

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