Originally posted by @Account Closed:
@Curtis Prince
Do you have them under your personal name? Is it a commercial loan? If you quit claim the deed then with transfer of title lenders can, but very unlikely, will pull the “Due on Sale” clause where it’s supposed to be paid in full within the time period of exercising that. Again, very uncommon but wouldn’t want you to be in a situation where you have to default on the loan so approach carefully
Thanks for the response. What I meant was rental properties. The properties are being purchased under our (my wife and I) personal name. Our intent was to move them to our LLC afterwards, but what it sounds like is A. It should not have been mentioned to the lender, and B. We should wait a period of time before transferring.
Again, thank you for the response.
