Posted by Dave T on September 07, 2009 at 13:53:26:
Why did you transfer the properties to an LLC? What is it that you expected to accomplish?
Is the LLC a single member LLC? If so, why did you get a separate tax id for an entity the IRS disregards?
Since the LLC, the way you are using it does nothing for you, deeding the properties back to your own name and SSN will satisfy the loan servicer.
LLC and due on sale clause - Posted by Barbara
Posted by Barbara on September 07, 2009 at 06:24:12:
I transfered two properties into two different LLC’s last year. One of the mortgage service companies has sent me a few notices saying the social security number on my mortgage (my own ss number)doesn’t match they one the now have on record (the LLC’s tax ID number). They want clarification.
I have always paid the mortgage from the exact same checking account (my own personal account) and still do.
I’ve been ignoring these notices because it’s a huge debt collection company that also does some mortgage servicing (Litton)and I’m afraid of the due on sale clause.
Does anyone have any advice about what to do? Thanks.
Re: LLC and due on sale clause - Posted by John Merchant
Posted by John Merchant on September 11, 2009 at 12:26:10:
While Dave is likely right, you might just wait until Litton rejects one of your pmts before deeding back to yourself.
I’m confused too about how and why you got a separate EIN if it’s a one-woman LLC since normally such would just be a tax pass-through and you, personally would be the taxpayer w your own SSN.