Oh Oh. LLC & Mortgage
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
Oh Oh. LLC & Mortgage (by WMH [NC]) Aug 10, 2017 9:07 AM
       Oh Oh. LLC & Mortgage (by razorback_tim [AR]) Aug 10, 2017 9:58 AM
       Oh Oh. LLC & Mortgage (by Amy [MO]) Aug 10, 2017 10:03 AM
       Oh Oh. LLC & Mortgage (by John... [MI]) Aug 10, 2017 11:17 AM
       Oh Oh. LLC & Mortgage (by Nicole [PA]) Aug 10, 2017 11:49 AM
       Oh Oh. LLC & Mortgage (by Ken [NY]) Aug 10, 2017 12:38 PM
       Oh Oh. LLC & Mortgage (by WMH [NC]) Aug 10, 2017 1:35 PM
       Oh Oh. LLC & Mortgage (by WMH [NC]) Aug 10, 2017 1:35 PM
       Oh Oh. LLC & Mortgage (by John... [MI]) Aug 10, 2017 2:09 PM
       Oh Oh. LLC & Mortgage (by John2 [MI]) Aug 10, 2017 5:40 PM
       Oh Oh. LLC & Mortgage (by BRAD 20,000 [IN]) Aug 10, 2017 11:22 PM
       Oh Oh. LLC & Mortgage (by James [MO]) Aug 11, 2017 12:02 AM
       Oh Oh. LLC & Mortgage (by WMH [NC]) Aug 11, 2017 3:17 AM
       Oh Oh. LLC & Mortgage (by WMH [NC]) Aug 11, 2017 3:18 AM
       Oh Oh. LLC & Mortgage (by Britt [NC]) Aug 11, 2017 4:35 AM
       Oh Oh. LLC & Mortgage (by Ken [NY]) Aug 11, 2017 6:10 AM
       Oh Oh. LLC & Mortgage (by Nicole [PA]) Aug 11, 2017 10:59 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Oh Oh. LLC & Mortgage (by WMH [NC]) Posted on: Aug 10, 2017 9:07 AM
Message:

We have ONE mortgage left in the world. We could pay it off but we prefer the cash in the bank because it already cash flows like crazy.

When we formed our LLCs last year, we placed this one in the name of one of our LLCs.

Now the mortgage has been sold to another mortgage company, probably because it's about 50/50 interest to principal these days.

Do you think there is any chance they will call the loan once they notice title change??? Or will they notice??

--173.22.xx.xx




Oh Oh. LLC & Mortgage (by razorback_tim [AR]) Posted on: Aug 10, 2017 9:58 AM
Message:

I don't think so. I have several secondary market mortgages that have changed servicers multiple times and have had zero issues. These mortgages are all on properties that I transferred to my LLC shortly after giving the mortgage. --70.182.xx.xx




Oh Oh. LLC & Mortgage (by Amy [MO]) Posted on: Aug 10, 2017 10:03 AM
Message:

Maybe I'm missing another aspect, but I don't think theyd make any money if they call the note, especially when you are a responsible investor. --107.77.xx.xx




Oh Oh. LLC & Mortgage (by John... [MI]) Posted on: Aug 10, 2017 11:17 AM
Message:

Do I think there is "any chance"? Yes, of course there is SOME chance since the contract likely very clearly says that they can since you already triggered the "due on sale" clause in the past.

Do I think it is LIKELY? No. As Tim said, this would be pretty rare. And, as Amy said, there isn't much in it for them.

But, sure, there is a chance. Just not a likely one. :)

- John...

--207.241.xxx.xxx




Oh Oh. LLC & Mortgage (by Nicole [PA]) Posted on: Aug 10, 2017 11:49 AM
Message:

one thing that many don't think of when they transfer into an LLC ,trust, any type entity is that their title insurance coverage may terminate ... depends the type of policy you purchased.

doubt if the new lender does any type title work when acquiring loans. apparently the most common way lenders find out about transfers is from the insurance policies --72.95.xx.x




Oh Oh. LLC & Mortgage (by Ken [NY]) Posted on: Aug 10, 2017 12:38 PM
Message:

I doubt they will but if they do you could put it back into your personal name. --24.25.xxx.xxx




Oh Oh. LLC & Mortgage (by WMH [NC]) Posted on: Aug 10, 2017 1:35 PM
Message:

That's true we could. It's just a matter of changing the deed again. That makes sense. --174.255.xxx.xxx




Oh Oh. LLC & Mortgage (by WMH [NC]) Posted on: Aug 10, 2017 1:35 PM
Message:

That's true we could. It's just a matter of changing the deed again. That makes sense. --174.255.xxx.xxx




Oh Oh. LLC & Mortgage (by John... [MI]) Posted on: Aug 10, 2017 2:09 PM
Message:

I don't see that working. I mean, seriously, if the bank pulls the loan because you've triggered the Due On Sale clause, do you really think they will just go "Oh, nevermind, I see you quickly switched it back to your name."

Again, I think it is unlikely that they would do it at all. But I think if they DID do it, then they would do it all the way -- not just go "Yeah, switch that back please."

Just my 2c.

- John...

--207.241.xxx.xxx




Oh Oh. LLC & Mortgage (by John2 [MI]) Posted on: Aug 10, 2017 5:40 PM
Message:

if you had a personal mortgage and put property into LLC I think the bank would view that a as a sale to the LLC and take actions to secure their note.... We have commercial loans for all of our properties in LLC --24.231.xxx.xx




Oh Oh. LLC & Mortgage (by BRAD 20,000 [IN]) Posted on: Aug 10, 2017 11:22 PM
Message:

Banks don't usually watch deeds.

Hey, they bought the loan as is.

BRAD --68.50.xx.xxx




Oh Oh. LLC & Mortgage (by James [MO]) Posted on: Aug 11, 2017 12:02 AM
Message:

They'll definitely notice due to the property insurance. The insurance is going to be in a different name than the name on the loan. That brings it to the top of the pile.

What I think will happen is they will send you a letter. I doubt they do anything right now in terms of calling the loan. However, if the rates go up that may well cause the bank to have more interest in calling the loan. --76.92.xxx.xxx




Oh Oh. LLC & Mortgage (by WMH [NC]) Posted on: Aug 11, 2017 3:17 AM
Message:

No escrow on this loan. The insurance bills goes directly to us, not the bank. --74.110.xxx.xx




Oh Oh. LLC & Mortgage (by WMH [NC]) Posted on: Aug 11, 2017 3:18 AM
Message:

Our rate is 5.78%. --74.110.xxx.xx




Oh Oh. LLC & Mortgage (by Britt [NC]) Posted on: Aug 11, 2017 4:35 AM
Message:

You never know what they are watching. Banks actually do hire people to drive by, take photos of the exterior of houses, sometimes go door to door to survey who lives in the house, do occupancy checks. --99.182.xx.xxx




Oh Oh. LLC & Mortgage (by Ken [NY]) Posted on: Aug 11, 2017 6:10 AM
Message:

No escrow,the insurance bill will go directly to you,the bank won't figure it out nor will they care if they are being paid.Banks only do photos etc when the mortgage is not being paid.If the bank figured it out they will give you the chance to put it back in your name as it was to start with,they don't want to stand in front of a judge with you having put it back in your name and try to justify starting an eviction over something that you fixed.These banks can't even handle the mortgages that aren't being paid,i meet people regularly that haven't paid in 2 years or more and the process hasn't even started yet --24.25.xxx.xxx




Oh Oh. LLC & Mortgage (by Nicole [PA]) Posted on: Aug 11, 2017 10:59 AM
Message:

WMH - you may receive and pay the bill but the lender has a copy of your dec page and they get a new copy every year at renewal.

it's anyone's guess if they care or will only care when it's in their best interest to care. --72.95.xx.x



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: Oh Oh. LLC & Mortgage
Your Name:
Your State:

Message:
Oh Oh. LLC & Mortgage
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: