Posted on: 24th Sep, 2009 07:34 pm
Hi -
Can someone tell me if it is possible to change the deed to a house to an LLC without involving the lender? I have a home that is does not have a mortgage but does have a line of credit in my name. I don't want the bank to call in the line or cancel it due to a property transfer since I will still own it but I don't want the liability if something happens there with a renter to limit my getting sued since I now own two other properties. Would it affect a LOC or upset the lender? If so, can this be done on the sly with a deed change?
Thanks!
Can someone tell me if it is possible to change the deed to a house to an LLC without involving the lender? I have a home that is does not have a mortgage but does have a line of credit in my name. I don't want the bank to call in the line or cancel it due to a property transfer since I will still own it but I don't want the liability if something happens there with a renter to limit my getting sued since I now own two other properties. Would it affect a LOC or upset the lender? If so, can this be done on the sly with a deed change?
Thanks!
Hi JK,
You can definitely transfer the property into an LLC but it is always better to inform the lender about the transaction. If the lender comes to know about the transaction later on, he may not approve it and may call the loan due immediately.
You can definitely transfer the property into an LLC but it is always better to inform the lender about the transaction. If the lender comes to know about the transaction later on, he may not approve it and may call the loan due immediately.