Help With Lender

Hello,

I signed the Purchase Agreement with the builder 6 months aog. I also applied for builder offered mortgage under my own name 'Pam Pammer'. The closing is in a month and I wish I could use LLC or some devise to hold title. Is that possible or the lender will call the loan Due-On-Sale if I wanted to close as another entity. Assuming that it is not assignanle, any suggestion as how to go around that?

thanks, Pam

Comments(2)

  • davese23rd September, 2004

    Create your other entity and do a warranty deed to it after you close. YOU are still liable for the loan and from what I have seen no lenders will finance in entitys name or better yet none with allow you to NOT personally guarantee the loan.

  • pampammer23rd September, 2004

    thank you for your reply ... do you believe the lender will call the loan due if I put title under another entity after closing?

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