Posted on: 12th Jan, 2011 03:13 pm
I have property that I have created an LLC I also have a mortgage on the property. The mortgage document indicates if property is transferred the mortgage company may call the loan. I am going to request the mortgage company give me written approval to perform a quitclaim deed to transfer the property to the LLC. Will mortgage companies generally do this or will they insist on refinancing?
Hi sffrolek!
Welcome to forums!
It will be completely the lender's discretion whether or not he will approve such a transfer of property. If the documents mention that the loan will called due in case of property transfer, then there are chances that the lender will ask you to pay off the mortgage in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be completely the lender's discretion whether or not he will approve such a transfer of property. If the documents mention that the loan will called due in case of property transfer, then there are chances that the lender will ask you to pay off the mortgage in full.
Feel free to ask if you've further queries.
Sussane