Consumer complaint received 2024-09-18 00:00:00
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — Foreclosure
Company: PLANET HOME LENDING, LLC
State: TN

Complaint narrative:
I am writing to formally lodge a complaint against Planet Home Lending , LLC regarding predatory lending practices I have experienced. 

Summary of Complaint I believe that Planet Home Lending has engaged in practices that violate my rights as a borrower, specifically under the Truth in Lending Act ( 15 U.S.C. 1601 et seq. ), the Real Estate Settlement Procedures Act ( 12 U.S.C. 2601 et seq. ), and the Home Ownership and Equity Protection Act ( 15 U.S.C. 1602 ). 

Details of the Complaint Misleading Terms : I was not adequately informed about the true costs of my mortgage, including hidden fees that were not disclosed at the time of signing. 

Excessive Fees : I have been charged fees that appear to be excessive and not in line with industry standards, which I believe are a form of predatory lending. 

Lack of Communication : My attempts to seek clarification and resolve these issues with Planet Home Lending have been met with inadequate responses and a lack of transparency. 

Aside from this, Planet Home Lending has stated that they are now in the process of moving towards foreclosure of my home. I disagree with this action based on an alleged debt, evidenced by a promissory note which I assert is improperly classified due to its negotiable instrument characteristics. 

The note contains language such as " pay to the order of, '' indicating it is a draft, not a promissory note. An instrument containing an order to pay is not a promissory note. 

Proof : XXXX XXXX ( XXXX ) ; " XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

There is a Lack of Proof of Debt : The lender has not provided adequate proof that the note is a valid promissory note as previously requested. 
Proof : The burden of proof lies with Planet Home Lending. 

Improper Use of Financial Instruments : The note 's characteristics make it ineligible to be used as evidence of debt. 
Proof : XXXX XXXX ( XXXX ) ; Federal Reserve Act, Section 16 ( 38 Stat. 265 ) The terms of the promissory note are unconscionable and unenforceable. 
Proof : Principles of contract law and fairness. 

Planet Home Lending does not have the right or the authority to foreclose on my home. I have filed form XXXX with the IRS revoking their POA via certified mail # XXXX XXXX XXXX XXXX XXXX XXXX on XX/XX/XXXX. This revocation of POA was also recorded with the XXXX XXXX in my countXXXX on XXXX also submitted notice of revocation of POA to Planet via certified mail # XXXX XXXX XXXX XXXX XXXX XXXX. 

On XX/XX/XXXX, I received a notice of default and intent to accelerate from Planet Home Lending. On XX/XX/XXXX, I responded with my notice of acceptance via certified mail # XXXX XXXX XXXX XXXX XXXX XXXX. In that notice, I requested that the letter be exchanged for discharge after validating the alleged debt. I requested that original documents be returned to me to include the wet ink signature of the promissory note. 

I received correspondence back on XX/XX/XXXX that included copies of the draft that read as a negotiable instrument, and copies of the loan origination documents. 

This was not the debt validation that I requested, as I asked for the wet ink signature of the promissory note to include the deed of trust. I received a copy of a draft and not a promissory note. 

UCC 9-102 ( 65 ) : Defines a promissory note and excludes instruments with orders to pay.

UCC 3-104 ( e ) : Clarifies that an instrument containing an order to pay is a draft.

Restatement of Contracts 2 and 3 : Establishes that a draft can not be utilized as evidence of an outstanding debt. 

On XX/XX/XXXX, I submitted a security instrument via registered mail # XXXX in the amount of {$15000.00}. This security instrument was deemed to be tendered for payment per the UCC 3-603. The security instrument was also submitted with a notice of interest to claim letter detailing specific instructions pursuant to the Trust Indenture Act of XXXX. 

Planet was instructed to properly remit my dividend via my endorsed Treasury coupon to the principals account for all past and present charges. The notice of claim to interest also stated that any/all registered securities sent to Planet that are ignored, destroyed, or tampered with is a direct violation of mail fraud, and will be reported to XXXX via XXXX XXXX. 

A second security instrument was submitted on XX/XX/XXXX via registered mail # RF XXXX XXXX XXXX XXXX in the amount of {$20000.00} I included a notice of claim to interest with this security instrument as well, and I received no communication regarding this security instrument. After speaking with two of Planet Home Lending 's agents on Monday, XX/XX/XXXX, they both confirmed that the security instruments were received, but will not be honored. I requested that my security be returned to me, and I was informed by XXXX that Planet does not return documents. As mentioned above, I will be reporting mail fraud to XXXX via form XXXX. 

I attempted to communicate with Planet through written correspondence on several occasions. After submission of all my correspondence, I only received communication back once. 

I have also obtained the cusip number relevant to this mortgage loan and there appears to be fraudulent activity to include trading activity in real time. There is significant evidence that indicates that this loan has been satisfied by the check that was presented to the Treasury window on my behalf when the account was opened in my name. Sadly, this information failed to be disclosed to me. 

I also have suspicions that Planet Home Lending is engaging in organized crime. I submitted a written RESPA request via certified mail # XXXX XXXX XXXX XXXX XXXX to investigate the origination of this mortgage loan from its inception to date. This written RESPA request was submitted on XX/XX/XXXX. These concerns will also be forwarded to the IRS via XXXX XXXX, the FTC, and the SEC. 

In addition, this has had an adverse effect on my credit report due to the negative credit reporting which has deemed me as a potential risk to other creditors. 

These practices have affected my life, liberty, and pursuit of happiness. They have also caused significant financial distress and have undermined my ability to manage my mortgage responsibly. I believe these actions are predatory and violate federal and state lending laws designed to protect consumers.

Company response to consumer: Closed with explanation