Mortgage company denied request to transfer property to LLC

[Tamera Muniz]

So my husband and I bought our first investment property in November and Chase is our servicer. We opened an LLC to transfer the deed and have been working to get a consent to transfer from Chase. I just got a response from them stating that our request was denied because we will not be living in the property for at least a year. I've tried contacting Chase multiple times for an explanation because that just makes no sense to me considering we bought it as an investment property and our intentions were never for it to be our primary residence. Apparently Chase only allows transfer to LLC's if it's your primary residence? I'm confused, can anyone provide some insight? Do I have any other options?

[Daniel Johnson]

Do you know if the loan is backed by either Fannie Mae or Freddie Mac? You can lookup here: https://www.knowyouroptions.co... and https://myhome.freddiemac.com/...

If the loans are backed by either of these, you may need to reference their servicing guides to explain to Chase that they are required to allow you to transfer the property to an LLC per the terms of the respective servicing guide. You can find Fannie Mae's here: https://servicing-guide.fannie... and Freddie Mac’s : https://guide.freddiemac.com/a...

It actually looks like Freddie Mac requires you to have the loan for 12 months prior to requesting transfer, so you might just have to wait out that time period before requesting. 

Hope this helps.