Transfer Title LLC

[Michael Germinario]

Hi BP,

I'm planning on transferring title of a small multi-family into a LLC, from my personal name. The purpose is strictly for asset protection. I've owned for 6 years and never missed a mortgage payment (conventional mortgage). My assumption is that the due on sale clause will not be enforced because of my strong payment history. Again, never a hiccup.

Has anyone had real world experience (not theory, please) when a lender actually enforced the due on sale clause because of a title transfer to LLC?

Also, do I need to inform my insurance carrier beforehand?  How does that process usually work?

I will also need to set up the proper bank checking/savings account as well.  Any advice here?

The goal again is strictly for asset protection.  I want to do things the right way.

Thanks!!

Mike