ripoff asked in Business & FinanceCredit · 10 years ago

Why would a bank want to foreclose if current on payments?

You think they need to get a bad loan off their books.

Update:

Well, it was a construction - we couldn't obtain permanent financing. they extended loan, made us list it for sale - not if it doesn't sell in 6months, contract says they'll foreclose. I know - doesn't make sense, does it??

4 Answers

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  • MKD
    Lv 4
    10 years ago
    Best Answer

    Would not surprise me in the least. Banks seem to be doing whatever they want and get away with it. Have you left any pertinent information out? Why would they not give you permanent financing? Have you tried other lenders? Do whatever you can to save your home. Foreclosure is a very painful experience. My home was just foreclose on and I am devastated.

  • 10 years ago

    If all the payments are current, then the bank cannot foreclose on a loan. Are you sure they are all current and the foreclosure wasn't filed before the payments were brought up to date?

  • Anonymous
    10 years ago

    You have never been late or missed a payment and they want to foreclose on your home?

    /

  • Anonymous
    10 years ago

    A bank would not - period.

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