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  • Report: #237939

Complaint Review: Cross Country Home Loans - Juan Cervanter - Andy Acevedo

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  • Submitted: Sat, March 03, 2007
  • Updated: Mon, March 05, 2007

  • Reported By:Aliso Viejo California
Cross Country Home Loans - Juan Cervanter - Andy Acevedo
3 Pointe Drive, Suite 200 Brea, California U.S.A.

Cross Country Home Loans - Juan Cervanter - Andy Acevedo home loans refinance mortgage ripoff Brea California

*REBUTTAL Individual responds: Unfairly Blamed for Borrower's lack of action

*Consumer Comment: I would log onto

*Consumer Comment: I would log onto

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Cross Country Home Loans promised me a cash payout of 5000.00 at the completion of the refinance loan, they knew about the taxes that had to be paid off from the other loan and still continued to promise me this money, It was very important as the cash balance was needed to pay off an exact amount of my present loan against my stocks. Don't trust owner Juan Cervantes or co-worker Andy Acevedo, they will promise you things just to get your business. I should of had them put it in writing. I don't want anyone else to get Ripped off. God bless,

Troy
Aliso Viejo, California
U.S.A.

This report was posted on Ripoff Report on 03/03/2007 08:18 AM and is a permanent record located here: http://www.ripoffreport.com/r/Cross-Country-Home-Loans-Juan-Cervanter-Andy-Acevedo/Brea-California-92821/Cross-Country-Home-Loans-Juan-Cervanter-Andy-Acevedo-home-loans-refinance-mortgage-rip-237939. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

Unfairly Blamed for Borrower's lack of action

AUTHOR: Andrew - (U.S.A.)

This client began his refinance with us requesting that his insurance and taxes be impounded, like they were currently with his existing mortgagor. When it came time to pay-off his loan, his property taxes were due, and the amount set aside by his EXISTING mortgagor was INSUFFICENT to cover the amount due, this shortfall would have had to come from somewhere even if he hadn't completed this refinance, his taxes were due regardless, and the existing lender would have sent him a bill for the difference between what was in his impounded escrow account, and what the actual amount due was.

We told him that his cashout would be $5,000 based on the amount our loan had to pay in property taxes at the time of closing our loan. If we had to pay X amount in property taxes in order to keep his title clear, wouldn't it make sense to think that his current lender would have that SAME AMOUNT of money set aside in his escrow account? But they did not, it was less, and that is why his total cashout from our loan, and his escrow refund from his old lender came up 1000 short, his taxes WENT UP 1000.

There is no mystery or dishonosty here. After we investigated further with his previous lender, they told us he was given plenty of warning that his taxes were increased, and that his impounded escrow account would be insufficient, long before having us help him with his transaction.

The reality on this loan is that he was given a phenomenal 30 year fixed rate loan paying 1 point for a 5.875% rate. He had less than perfect credit and we worked with him to get the best deal the market would allow and also get him out of a negatively amortizing loan that was INCREASING the principal EACH MONTH.

His decision to not listen to our advice or explanation as to why the cashout did not add up was both ignored and derided. He threatened us with blackmail (saying he would post here if we didn't "cough up the money"), which this site explicitly prohibits. And has now chosen to engage in libelous slander, which our legal team is now considering legal action. Both Juan and I our deeply hurt and dissapointed by our fellow brother in Faith, that he would attack us so personally despite the truth being plainly in sight for him and all to see. The fault does not lie with us.
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#2 Consumer Comment

I would log onto

AUTHOR: Trevor - (U.S.A.)

dre.ca.gov and find out if any of these people that you speak of are licensed, I am assuming that this company is a broker? You may be able to file a complaint against one of there license's or see any complaints filed.
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#3 Consumer Comment

I would log onto

AUTHOR: Trevor - (U.S.A.)

dre.ca.gov and find out if any of these people that you speak of are licensed, I am assuming that this company is a broker? You may be able to file a complaint against one of there license's or see any complaints filed.
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