All Forum Posts by: Mark Hu

Becoming trustee or bypass trust sounds like ideas to look into.

My relative who is trustee hired a trust attorney. For some reason we've still had all kinds of trouble, and the attorney didn't warn us about this problem either.

Also, an attorney is always needed, but should never be trusted!

There is no mention on the internet for the topic of trusts unable to close because of the loan being under the trust name. You would think if this is really is a thing it would be mentioned online somewhere.

Is the trust compelled to stay open, because the loan is under the trust name?

I am a successor in interest on the loan, so there should be no risk of foreclosure. Again, its just that the trustee is very unhappy, and is a relative.

The reason I want to assume the loan is the trustee wants to close the trust. Says she can't close the trust as long as loan is under the name of trust, and every year the trust has to pay taxes. She badly wants to get out, she is not too experienced at this sort of thing.

I am aware that I am okay as long as I pay the mortgage, but I don't want to burden the trustee. A new loan would have high interest, and I don't want to come up with the cash to pay off the loan.

Inherited triplex I mean.

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.

Very few readers have had to deal with this situation?

California law requires abandoned tenant property under certain circumstances to be sold at public auction. But I have not been able to find any auction that would serve this purpose. There are auctions to sell cars, police auctions, tax impounded auctions, antique auctions, etc. What kind of auction or auction firm can I use? Thanks