Assuming loan on inherited triples

[Mark Hu]

I wish to assume the loan on a rental property I inherited. The trustee says the trust can't be closed because the loan is still under the name of the trust. The bank (wells fargo) is refusing to do this.

A retired attorney told me that the trust attorney could force the bank to let me assume the loan. I have searched the internet and cannot find any discussion of living trusts that cannot close because of this issue.

Any opinions? Thanks.

[Andrew Postell]

@Mark Hu if the loan is assumable...then yes, it can be assumed.  If the verbiage in the note states that it cannot be assumed...then you are out.  Some loans are assumable and some are not.  Now, I'm not asking WHY you want to assume the loan...so depending on what you are trying to accomplish there might be better methods of doing it...but if you did want to, the note itself would dictate if this is possible. And then you would go to the servicer of the note to "qualify" for the assumption.

Hope all of that makes sense.