Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #7063268
Complaint Overview
Complaint ID: 7063268
Company: American Financial Network INC.
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Illinois
ZIP Code: 60139
Date Received: 2023-06-02T12:00:00-05:00
Date Sent to Company: 2023-06-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Hi we were pressured into a mortgage we can not afford. When we started the conversation with American Financial Network we had gotten a letter stating we didn't have to pay mortgage insurance anymore and could refinance because we had insurance long enough. I thought I had heard something like that so we talked to XXXX XXXX. He told us he could save us a bunch of money and pay off some things. As the process went on he took more things off the table he had promised. Every time I questioned or changed my mind XXXX XXXX talked us out of it. In the end only a few things were paid off and the mortgage payment was approximately {$500.00} more. My husband and I are XXXX and XXXX. I feel we were taken advantage of and the loan should never have been approved. We gross {$5100.00} from social security. Our expenses without food or car gas are {$3300.00} and the new mortgage is {$2000.00}. The first payment was last month we paid it on the XXXX. The month of XXXX is due and we don't have the money because last we started {$2000.00} in the hole. American Financial Network sold the loan before the first payment was made. Also there was a lien on our house and they said it was a balloon payment coming due and needed to be paid. We have since found out this wasn't true. This all started approximately XX/XX/2023. We did know how to cancel because it had gone so far. We contacted an attorney and are following their recommendations. Will be contacting the XXXX XXXX XXXX next. We some how would like a lower payment. This loan should never of been approved.
Frequently Asked Questions
What is Complaint #7063268 about?
Complaint #7063268 was filed against American Financial Network INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2023-06-02T12:00:00-05:00.
How did American Financial Network INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against American Financial Network INC.?
Yes, visit the American Financial Network INC. company profile at readthecomplaint.com/company/american-financial-network-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.