Legal Question in Real Estate Law in Minnesota
My husband and I are planning to purchase an investment property that will be mortgaged in our names. To give us some liability protection (in addition to insurance, etc) we would like to transfer the deed/title to our LLC. We would still hold and be personally responsible for the mortgage. We would like to do it this without activating the clause in the mortgage that would make it payable immediately. Is this even possible?
2 Answers from Attorneys
Typically you would need the consent of the lender. Please call to discuss your options further.
It is quite common to just deed the property to your LLC. Generally, in my experience, as long as the payments are current, the lender does not exercise their right to call the loan due. These loans are typically packaged and sold and the servicer is generally only interested in the payments. Let me know if you need help creating a deed.
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