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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Jimmy Esqueda, Agent, West Covina, CA
Sat Oct 23, 2010
Regardless of the loan being approved it is not done until it is funded and deeds are recorded.
0 votes
Nevergiveup, Home Buyer, Los Angeles, CA
Fri Oct 22, 2010
The loan had already been approved. I had already been congradulated by the bank and owners of foreclosure. It was already processed.
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Jimmy Esqueda, Agent, West Covina, CA
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).
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