Time limit for bank response?

09-07-2006, 01:51 AM

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Join Date: Sep 2006

Posts: 1

Time limit for bank response?

What is the name of your state? CO
We signed a contract to buy a house June 28th with the understanding that the seller was in financial distress and her lender would have to approve the sale. It turns out that there were two lenders and one has approved the sale but the other still has not. (72days and counting).The bank that has not responded ordered another appraisal last week. It has been suggested that the lender is trying to force the house into foreclosure.
1) Is there a time limit for a bank response in this situation?
2) Can they force the house into foreclosure and why would they do that?
3) Having entered into this contract with good faith that we would have a timely response, what are our legal rights, if any?What is the name of your state?

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