All Forum Posts by: Melissa Title

Yes, I have both Fannie & Freddie loans. I think that means it's in the clear?

There is one guideline I don't fully understand which makes it hard to know if it's satisfied, which is "The Servicer has complied with all mortgage insurance requirements applicable to the transfer." .. not totally certain what that is, any idea?

The full guidelines on the Freddie site for LLC are:

In situations where all of the following conditions are met, Freddie Mac will permit a Transfer of Ownership of the Mortgaged Premises:

• -At least 12 months have passed since the Origination Date
• -The Servicer has complied with all mortgage insurance requirements applicable to the transfer
• -The transfer is to a limited liability company (LLC) or limited partnership (LP), provided that:
• • • The managing member/general partner of the LLC/LP is the original Borrower. If there are multiple Borrowers, all of them must be members/partners of the LLC/LP, and at least one of them must be a managing member/general partner. If the transfer results in a permitted change of occupancy type to an investment property, such change must not violate the Security Instrument (e.g., the 12-month occupancy requirement for a Primary Residence), and
    • The Servicer notifies the original owner or natural person that the Mortgaged Premises transferred to an LLC/LP must be transferred back to the original owner or natural person prior to any subsequent refinance or modification application to meet Freddie Mac’s underwriting requirements

Does anyone know of a success story transferring a property to an LLC that is mortgaged through Chase?

Did you notify Chase that you intended to use the mortgaged property as a non-owner occupied rental during the loan process? I've worked with them many times and they've always reiterated their rules of occupancy and ownership. I waited the full year before bringing it back up to them. They're barely, if at all, doing investor loans these days.

Definitely email some brokers. I usually google "best insurance" in XX city to start the search for best reviews, and email several to make an informed decision. Keep in mind you can also tweak some of the coverage amounts they send you, and you can sometimes get discounts for certain things like weather resistant windows, security features, fire alarm, etc. 

My current policies are SafeCo (through Steadily broker), Southern Oak (through Integrity Insurance broker), and Mercury (through SureInsure Insurance Agency).

Best of luck!!

 So helpful, thank you Chris!

 Thanks Peter! I'd not heard of those agencies before. I'm certainly do this if they are unable to correct this satisfactorily.

 Thanks so much for the great advice Basit! 

These are the exact steps I am now taking. My mortgager informed me they are in the "research phase" and are calling me back by EOD tomorrow. One of my biggest issues is, how was this parcel added to my mortgage to begin with? And why was I never notified of it? I'm looking forward to hearing what they have to say and am expecting them to make it right as this is not the first issue I have had with them on this- last year they forgot to pay the taxes all together and just said "oopsie" when I brought it to their attention.

Thank you, Peter. 

The state is in the location bubble in the post, this property is in Chicago, IL. 
There are 2 legals on the purchase agreement & deed, both are accurate PINs and descriptions of the properties (unit & parking spot). Now reviewing my mortgage account (with Chase bank), a 3rd PIN is shown. I have no idea how the third was added to my mortgage account. In reviewing my tax payments, at least 2 have been paid to all 3 PINS, only 2 of which I own.

Thanks, Basit. Reviewing my transactions, there are in fact dispersements for taxes that are not mine. From the county records, the tax payments made align with mine in addition to the other owners.

Hey BP fam, hoping to get some advice here. Issues are Legal & Tax.

1) I escrow taxes for one of my properties and just received my annual statement from the bank. My mortgage includes 2 PINs, a home and a parking spot. However.. my statement reads the mortgage is secured by THREE properties. After doing some digging, the bank has an PIN number on my mortgage for a property that does NOT belong to me. It seems they have been escrowing for the other persons taxes from my account. I'm not sure how to tell if they have also been paying their taxes from my account too.

2) In doing more digging in county records, the seller I purchased from owned many PINS in the area. It seems he included my PIN number in another sale, which may be how this mess began. I have no idea how this was not caught by my title insurance or mortgager.

How would you proceed?