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8 July 2019 | 29 replies
In addition with some loans such as Fannie Mae they are now allowed to move the property from their personal name into the name of a LLC without violating the due on sale.Section D1-4.1, Information Relating to Transfers of Ownership Applicable to All Mortgage LoansD1-4.1-01, Determining Whether a Transfer of Ownership Is Permitted (11/12/2014)[...]D1-4.1-02, Allowable Exemptions Due to the Type of TransferA transfer of the property [...] to [...] a limited liability company (LLC), provided that: the mortgage loan was purchased or scuritized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).Note: The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements.All of the information that I post here on BP is to be considered my opinion and not taken as legal advice as I am not their personal attorney.
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1 July 2019 | 8 replies
Seemed the best course from a liability perspective, although naturally your best course of action may be different based on the reason they are requesting it.
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3 July 2019 | 68 replies
Understand YOU and you can take over the world, you have the other side of the picture because you understand people and human nature.
2 July 2019 | 6 replies
Regrettably, everywhere has natural disasters, earthquake, wild fire, flood, hurricane, snow collapse.
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20 August 2019 | 15 replies
Figure out what that fear is and overcome it if you want to "Play to win vs playing not to lose".It's natural to be afraid.
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2 July 2019 | 3 replies
Could anyone offer any suggestions on the nature of the conversation I should have with the buyer's agent to go about helping me with my offer.
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3 July 2019 | 3 replies
The dogs have already begun to do a number on the natural wood floors that the owner just had redone so I can only imagine what this will look like a year from now.
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8 July 2019 | 2 replies
I'm looking into the possibility/cost of adding an additional natural gas meter into my duplex.
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3 July 2019 | 21 replies
It is in our nature to want to please people; but don't worry that will go away.
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3 July 2019 | 0 replies
I'm looking to create sweat equity and sell when I graduate (unless it cash flows an adequate amount).