I obtained a XXXX mortgage from Charles Schwab Bank in XX/XX/XXXX. The mortgage is a conventional adjustable note which called for " interest only '' payments for the first 5 years with the remainder of the note then amortized over the remaining term with adjustable interest periodically calculated. The note contains a paragraph that ( see attachment 8 ) says the note is " assumable '' subject to a new buyer qualifying for the note assumption. 
In XXXX XXXX I received a " Loan Modification '' from XXXX XXXX which had assumed the servicing of the note sometime after I closed with Schwab Bank. The loan modification agreement lowered the interest rate to .10 % ( XXXX basis points ) for a 4 year period to XXXX, XXXX. The loan modification contained a paragraph stating " All terms and provisions in the Loan Agreement providing for or relating to any change or adjustment in the rate of interest or in the payment amounts remain in full force and effect except as modified herein -- --. 
Whenever the monthly payment amount changes, Lender will notify Borrower of the new payment amount prior to the date of it first becomes due. " There is no place in the Loan Modification Agreement that addresses, or changes, or counteracts the original wording about the assumability of the mortgage by a potential new buyer. I have received an offer from a potential buyer to assume the mortgage rate of .10 % for the remaining 2 years of the Loan Modification subject to his qualifying for the note. Schwab Bank AND XXXX XXXX refuse to allow the note to be assumed in accordance with the Loan Modification which I executed in good faith. Each refuses to put in writing citing the basis for their seemingly arbitrary decision saying only " It was not our intent to allow the XXXX XXXX rate to be assumed by anyone '' although each does confirm that the original note is, in fact, an assumable loan. 

It does NOT appear that Schwab Bank had any involvement with the Loan Modification paperwork since the Agreement was prepared by a law firm on behalf of their client, XXXX XXXX, XXXX. 
