Countrywide Home Loans
Pushed up the price of the loan saying it would not effect our 1031 exchange Ripoff

David at Countrywide knew we wanted a 1031 exchange with our property and only borrow the difference for the new property.

He encouraged us to borrow 50K instead of the 42K we needed so we would not delay the escrow and he would not have to rewrite the paperwork. He said the difference could be put toward the loan after we received the money. Found out today that we need to pay capital gains on that 6K he said to borrow. David said it was not his business to let us know that by borrowing more than we need... It would effect our exchange. He sent us the paperwork and it was our business to interpet it. David's is a sin of omisiion, he gets the credit for a larger loan then we wanted and we pay interest and capital gains on the 6K. Shame on us for trusting you David. Jeanette xxxxxxxx (last name redacted)

Company: Countrywide Home Loans
Country: USA
State: California
City: Mission Viejo
Address: 27101 Puerta Real Suite 100
Phone: 9492822200

  <     >