LLC and DOS

[cisaacs3]

Will do.
thanks.

[SpencerB]

BLL is on point here.

One point I'd like to make, if you do want to transfer ownership, without risking the DOS clause is to simply use a revocable trust.  This is a standard estate planning tool, which the bank won't think twice about. 

- Put home into revocable trust and notify bank

- Sell beneficial interest in trust to your LLC.  This is a private transaction, so it will not be on public record.

[BLL]

The transfer/sale of beneficial interest will trigger the DOS, but like Spencer says, it's not a public transaction. The only time I have seen a bank call the loan in this situation was during a BK action when it wanted to see the trust document. The way Spencer describes is what I would do if I had mortgages in my personal name and wanted to transfer title to another entity. The best option is to get the mortgage in the name of the LLC with or without a personal guarantee.

[BLL]

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