Consumer complaint received 2020-12-07
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: American Financial Network Inc. (TN)

XXXX and XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Tennessee XXXX After 19 years in our home, we decided that it was time to downsize. We found the perfect new house for us, and put our house on the market XX/XX/2020. Our realtor held an Open House on Saturday, XX/XX/XXXX and Sunday, XX/XX/XXXX, and we received five offers. Our realtor was extremely cautious about vetting the lending agent and lending company, in order to ensure that we would get to closing. After speaking with several realtor friends, she assured us that we were safe to accept the offer. We entered into contract with our buyers on Monday, XX/XX/2020. The following week, we had an inspection on our home, and we contracted to repair the items requested. Our closing date was scheduled for Thursday, XX/XX/2020. 
Because the offer was significantly over our asking price, the appraisal was essential. As the time got closer to our closing date, we began to question when the appraisal would be done. The buyers assured their realtor that they had requested an appraisal with their lending agent, XXXX XXXX, on or about XX/XX/2020. On XX/XX/2020, our appraisal had still not been scheduled. Many phone calls were made to Mr. XXXX regarding the status of the file. Im still not sure what transpired, but we were contacted on Wednesday, XX/XX/2020 by an appraiser, who told us that she had been asked to expedite the process. She conducted the appraisal the following day, XX/XX/2020. She told us that she would try to get the completed appraisal to the lending company by Monday, XX/XX/2020. 
On Monday, our realtor contacted the lending agent to get an update. He told her that he was working on it, and that everything looked good. But he told our realtor that closing on Thursday, XX/XX/XXXX was not likely. Our realtor asked him to contact us to explain the delay. At XXXX XXXX, Mr. XXXX contacted my husband. He said that we had strong buyers, and that we just needed to calm down. He said that we were going to close, but it would not be Thursday. We agreed to a one-week extension, based on his assurance that everything was moving along as expected. During the week of XX/XX/XXXX, Mr. XXXX stopped accepting phone calls from our realtor or his buyers. It was later discovered that he had changed jobs on XX/XX/2020, and had taken the file with him. Because of this, no work was begun on this file until he had settled into his new company. He lied to his buyers, their realtor, and our realtor about the status of our closing information. With no communication from Mr. XXXX, the second closing date passed, and our only way of knowing that we would not be closing was not receiving closing documents three days in advance. 
Because we felt that none of these issues were the fault of our buyers, we extended the closing date one more time, to XX/XX/2020. It was made clear that, if closing did not occur, we would be forced to put the house back on the market. In order for us to not lose our new house, we have moved into it and are paying rent until our house closes. To date, we have paid {$940.00} in rent, plus utilities on two houses. Mr. XXXX incompetence has caused great emotional stress and inconvenience to four families. To date, we have still not closed, with no communication from Mr. XXXX. 
On Friday, XX/XX/2020, we received notice that the buyers had gotten their Clear to Close statement, and that closing was set for today at XXXX XXXX. My husband and I both took off half a day of work. At XXXX XXXX, our realtor texted us that we were delayed again, as the closing package had not been delivered to the lending company. It was rescheduled for Monday, XX/XX/2020 at XXXX XXXX. Our initial thought was that the lending agent was the reason for the endless delays and lack of communication. However, as the process has gone on, we now believe that the lending company, American Financial Network, is just as responsible as the lending agent is for the massive incompetence. 
It is now Monday, XX/XX/2020 at XXXX XXXX We have called our realtor, our lending agent, and XXXX XXXX about todays closing. No one can give us any further information about the status of the closing, other than to tell us that we are on the books for today at XXXX. My husband and I are beyond frustrated. We dont know what our next step should be. Our home has now been on the market for 67 days, all of our furniture has been moved out ( or given away since we are downsizing ), and the real estate market has cooled significantly since XX/XX/2020. We arrived at XXXX XXXX XXXX this afternoon. The closing attorney was well aware of the situation, the delays, and the lack of communication with the buyers lending company. He had also been assured that the closing package was going to be ready for our buyers when they arrived at XXXX XXXX Because of our doubt, he called their closing attorney at XXXX XXXX. and was told that the documents had not arrived. We had signed all of our paperwork for the purchase of our new house and half of the paperwork for the sale of our old house, when another staff member called the attorney out in the hall to tell him that the closing package for the buyers had not arrived. All paperwork signing ended at that point. 
At XXXX on Tuesday, XX/XX/2020, I received a phone call from XXXX XXXX informing me that our buyers were signing paperwork at that time. They wanted to know the earliest date and time that we could get there to sign our paperwork. We took more time away from work and got there at XXXX XXXX. This time, the process was seamless, and we were assured that our settlement money would be in our bank account the following morning XXXX XX/XX/XXXX ). We began checking when we got up Wednesday morning, but it was not there. Either I or my husband called the bank every hour. At noon, we called XXXX XXXX and was told that it would be in our account by XXXX XXXX. At XXXX, it was still not there. We finally called our realtor, who told us that American Financial Network had shorted our money, and it had to be redone. By XXXX XXXX., the money was in our account. 
The purpose of this narrative is to save one other family from going through this nightmarish experience with XXXX XXXX and American Financial Network. If anyone would have told me this story, I would not have believed them, but we are living it. We are XXXX years old, and have worked extremely hard to buy the home that we have enjoyed for 19 years. We asked for a preapproval letter before accepting any offer to purchase our home. We thought we ( our realtor ) fully vetted the lending company to insure that we would get to closing. We did everything that was asked of us, including signing all paperwork in a timely manner, completing all repairs before the deadline, and leaving our home in pristine condition when we moved out. Although we will not be financially compensated for our experience, we do believe that this blatant incompetence or apathy should not be allowed to continue. 
Thank you for your attention to our story. If you would like to continue the story, we are available via cell phone at XXXX XXXX XXXX XXXX.