Due on Sale - Remedies if Bank gives 30 days notice

[Ryan Bird]

From previous posts I read that due on sale is very rare but real. Now that I have quit claimed the deed to an llc , which is 100% owned by me, what are the remedies/proactive steps I could take now if the bank calls the loan next month (ie. when my insurance changes and bank gets notified if not already via deed transfer) ?

-> Deed it back to my name?

-> Transfer to commercial loan within same bank

-> Get a commercial loan from another bank in 30 days and close the original loan? (Is this possible in 30 days and if so, should I start pre-approval or something now?)

-> Anything else?

[Peter M.]

@Ryan Bird Its a moot point now but just let it ride. Even if you get a commercial loan they will make you sign a personal guarantee unless you LLC is well established with good assets. (Doesnt sound like the case). If you switch to a new loan you'll just be paying closing costs for the same level of risk. Also, in the future dont use quit claim deeds, they can over complicate title when it's time to sell.