Consumer complaint received 2023-10-31
Company: American Financial Network Inc.
State: TN
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage
Sub-issue: Changes in loan terms during or after closing

Complaint:
Without full disclosure, American Financial Network ( AFN ) converted my promissory note for a mortgage into a hypothecated security then sold it forward, destroying the original note. Per UCC 3-309 and UCC 3-418 ( d ) they have refused to provide or prove up the securitized note. This is a type of fraud.

Further, AFN has refused multiple times to return the fraudulently stolen promissory note of issuers in an unaltered, original condition to disprove securities were liquidized without original creditors consent which is securities theft ( 18 USC 3301 and 1348 ).

Further, per UCC 8-102, UCC 3-305 , UCC 3-306, and UCC 3-105, when AFN securitized said note to sell it forward to Planet Home Lending ( PHL ), a debt collector, to satisfy the mortgage, no taxes were paid on the gain of that secondary issue ( the mortgage as a security future ) by either AFN or XXXX. This is tax evasion and tax fraud. Further, AFN has filed a 1099a with the IRS claiming my security interests in the promissory note were abandoned, without providing a copy to me, despite the fact I did not abandon it. 

Further, XXXX and XXXX are committing multiple types of fraud in representing multiple specie of currency as XXXX type on the promissory note, defrauding myself and the XXXX XXXX XXXX XXXX XXXX ) who is also a party to the mortgage note instrument sold forward as a hypothecated security. However, in the documentation provided to the VA, the specie of currency was correctly listed in a USD $ format, in all other places of the promissory note they noted the amounts to be paid using the XXXX XXXX symbol for Mexican Pesos ( $ ) without adding " USD $ '' before it. 

Further, additional fraud was committed by XXXX in that a " loan was provided '' but they've refused to provide a receipt for said loan to determine whether the loan received was a loan of the credit of XXXX or OTHER LENDERS, or a loan of money, as described in the National Currency Act, sections 27, 28, and 53. Refusal to provide this documentation is indicative of fraud.

Per 12 CFR 226.32 and 16 CFR 433.2, AFN refused to include necessary legal notices on the mortgage note instrument. Failing to do so, by law, constitutes unfair and deceptive practices in consumer lending, defrauding myself and the XXXX Further, without permission or a court order allowing them to, they fraudulently sold personal identifiable information ( in violation of 16 CFR 02 ) to PHL , who was also defrauded by AFN for refusing to include this necessary legal verbiage which allows seller to sue.

Further, in opposition to and in direct controversy with multiple State laws in California and Tennessee, as well as a violation of the Sale of Goods Act, and, without full disclosure, agents of XXXX XXXX ( Seller ) were at the time of the generation of the promissory note, also agents of AFN.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation