Can a bank foreclose on your home at any time for any reason, even if you've never missed a payment?

Having a discussion in another Q on this. I say they can’t. It’s illegal. I’m also sure that it’s illegal for any lending agent to take more that it’s owed on a payoff. If you owe $160,000 on a house, the bank can’t just decide to take for no reason AND sell it for $350,000 and keep all of that money. Can it?