Home Buying in Covina>Question Details

Nevergiveup, Home Buyer in Los Angeles, CA

What Does a bank mean when they say that the/my loan and the property i obtained the loan to purchase has been made inactive?

Asked by Nevergiveup, Los Angeles, CA Fri Oct 22, 2010

I was in the process of purchasing a property. When escrow didnt close I called the wholesale loan department by accident actually andinquired as to why? the person told me that the loan and the property had been made inactive. She did not know the reason for this.

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Enrique Vasquez Plaza’s answer
My question will be: where is the real estate agent? Where is the loan originator? Where is the loan officer? These are the ones that must reply to this questions. You going directly to the wholesale lender tells me :either you are working directly with the bank or your Loan officer has not done a proper work.

At the same time, being inactive could mean many things. For one of my loans to not close means WE HAVE A TREMENDOUS SITUATION! You dont let loans just "not close..." and then become inactive. I wonder what ever happened to your situation!

good luck!
0 votes Thank Flag Link Mon Feb 13, 2012
Regardless of the loan being approved it is not done until it is funded and deeds are recorded.
0 votes Thank Flag Link Sat Oct 23, 2010
The loan had already been approved. I had already been congradulated by the bank and owners of foreclosure. It was already processed.
0 votes Thank Flag Link Fri Oct 22, 2010
For whatever reason escrow did not close put the loan on hold. Inactive means the loan is on hold; the loan is not being processed. Eventually the loan can cancel if it remains on hold (or inactive).
0 votes Thank Flag Link Fri Oct 22, 2010
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