Prime Lending Pulled funding of loan 2 days before close of escrow causing major tax ramifications SPARKS, Nevada

28th of Jan, 2013 by User359279

We were told our loan was approved, we were putting 50% down on the purchase of a property which was part of an exchange. Everything appeared to be in order, all our paperwork was in, appraisal done. At the eleventh hour we were told they would not go ahead with the loan based on verbiage in the contract which to them and all those in their food chain said was not an arms length transaction. They said it had to do with some new regs. that came down first of year. No one bothered to see if these regs would affect us. Had someone been on their game we would have had time to cancel the loan with them or rewrite the contract to suit the "people, saying, I think it sounds like that, I think, I think". Ignorant people screwing up the lives of trusting individuals. This refusal to fund is costing us $80,000 in taxes to the IRS. A lifetime of hard work, savings and faith in our lending institutions gone up in smoke. One good reason to not use PrimeLending in any state in the Union because if this subsidiary is an example of the laissez-faire attitude of this company, then they should suffer the consequences of no business.

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