Trust name has changed. Is the only way to change the name on a mortgage loan to refinance?

bump

Why do you need to change it on the mortgage loan?
Was the old trust revoked?
If not and this is truly just a name change, wasn't documentation done to state that the new trust assumes the assets and liabilities of the old?

This would be why we do trust loans to both the trust and the individuals. Then it doesn't matter what they do with the trust. Our loan stays in place just the way it is.

Thanks Truffle, all good questions that I will be asking the loan officer

Happy Birthday by the way. I hope it is a great day for you!

Thanks!

I guess I misunderstood the LO. The loan is currently in the name of the individuals only and now they have created a revocable trust. What are our options in this case?

None, unless the borrowers want to pay to refinance the loan, I would not mess with it. There is no advantage to the bank.

Has the property been deeded to the trust?
Lots of people form trusts that broadly outline the items to be covered.
Check with counsel, to verify that even if they actually recorded a deed transferring title from themselves to the trust, your mortgage retains it's first lien position. That's what you care about, not whether they signed as individual's or trustees. And as I said above, normally the trust contains language that address continuity and priority of existing obligations and encumbrances. (I typed a few trusts in my tenure as a legal secretary.)