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