Legal Question in Banking Law in Indiana

Can a back refuse payment on a loan?

Quick question, Can a bank refuse payment on a mortgage loan? My sis is behind by three payments, not continuous but has missed a payment here and there, she is paying more than her payment (her payment is 550 she's paying 650 and can make two payments in a month. She recieved a letter stating she had to come up with the full amount past due within 30 days and with the letter the last payment she made of 650 was in it. I didnt think they could refuse payment, thought they would just subtract it from the total due

Asked on 1/05/07, 4:11 am

1 Answer from Attorneys

C. David DuMond Law Offices of David DuMond

Re: Can a back refuse payment on a loan?

Yes,the bank can refuse to accept a payment if the borrower is in default.

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Answered on 1/05/07, 9:10 am

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