Updated almost 11 years ago on . Most recent reply
Bank calling my loan
Why would the bank not extend my loan? I have been current for the last 10 years and the bank will no longer finance the last five. They are giving me six months to pay it off. Would they really risk forclosing on a property that is in good standing?
Most Popular Reply
#4 Off Topic Contributor
- Investor
- Round Rock, TX
This is why you don't finance long-term obligations with short-term money! Banks will always give you the rosiest story around when they write the loan, but you need to be SURE that they will finance the property for as long as you need to borrow money.
Just find another bank and refinance the thing. You should have no issue with this if your LTV is that low. You may try to find a private lender as well. Good luck!