This letter is in reference to M & I Bank's fraud towards a small business owner. We are a Shell Gas Station with a C Store and Car Wash which is going to be bulldozed by a commercial developer due to M & I Bank selling our fraudulent loan (note) with number of discrepancies that they refused to correct. Mr Eric Andres from the Camelback Phoenix Headquarters decided to put an end to our business which has been a livelihood for 4 persons in our family since 5 years. Daily, lot of effort, sweat and long hours were put into this business. Our main loan of $1.96million has been sold for $1.25Million and other small loans have been written off for the commercial developer.
TRADECOR has inflated these amounts with interest and fees although M & I Bank has written these the notes OFF. $65,000.00 and $150,000(line of credit accelerated to expire) are presently being used to foreclose by this commercial developer, there are no notes signed by us for $54,000 and $145,000.00(swap cancel fee) but the commercial developer is trying to collect on these too as MR.ERIC ANDRES just handed them over to TradeCor, so they can harass us. We had refinanced with M & I Bank on 12th December 2007, one week after a major accident in Phoenix on December 7, 2007 We were sold a swap loan Note#1000 for $1,960,000 and ushered in for 15 minutes as I was in severe pain due to the accident and given a complicated brochure that we did not understand. The loan documents were signed in a week. This is where our NIGHTMARE began.
Payments kept changing from $15k to $22k, principal and interest were not calculated correctly. The swap portion was purposely put on an automatic pay which created overdrafts and high fees amounting to $25,000 or more. The system was set up to cheat us out of the correct amounts of principal that should have been deducted from the loan and high amounts of interest benefiting them. The auto payment of the swap from the checking account was not being applied to the loan. According to their amortizing schedule the principal was to be reduced $8,000.00 monthly. Due to the monthly payments as high as $22,000.00, our accounts were going into overdrafts with very high fees and analysis fees as much as $3500.00 a month. This economy had just begun to fall and the effect of such high payments was taking a toll on our business..
Several times I called Mr. Jim Laine (GILBERT BRANCH BANKER) who would not respond. Mr. Ed Hines, Mr. Jim Laine and Mr. Eric Andres were impostors for MI Bank but definitely not business bankers. We were asked to sign a bridge loan of $65,000,00 (MOST OF THIS WAS FEES AND BANK CHARGES and OVERDRAFTS CREDATED BY THESE HIGH FEES) in December 2008 as now they had realized that these numbers were incorrect. All the fees and correct amounts would be put back into my loan or checking account. The bridge loan was only for 3 months as it was the end of the year and they needed to clear their books and LATER REFUND ALL THE OVERDRAFT CHARGES AND ANALYSIS FEES.(QUOTE FROM MR ED HINES GILBERT BRANCH) MR ERIC ANDRES demanded us to sign another incorrect new note backdated to Dec 2007 which was the main note of $1.96Million without the actual correct amounts credited to our loan in June 2009.
This was refused by my husband I as this new NOTE did not have correct refunds or correct principal applied to the loan. In July 2009, the temporary loan of $65,000.00(SUPPOSED TO BE CREDITED TO OUR ACCOUNT) and a line of credit of $145,000.00 were used by MI Bank as a means to start a TRUST DEED.(SIMPLY BY ACCELERATING THE EXPIRATION DATES) on technicality. At this time, I requested him to cancel the swap and give us a fixed loan. MR. ERIC ANDRES REFUSED TO CANCEL THE SWAP because he said that it was too expensive to do that.(via email). Later he sells the swap and charges us a fee of $146,500.00. Mr Eric Andres would treat my husband and I with rage and anger. His demeanor was intimidating, frightening and discriminatory with continuous threats of foreclosure if we did not sign his forbearance's. I was very frightened by him and the thought of loosing our business, we would sign his documents and cooperate with his demands.
THESE DOCUMENTS I FIND OUT NOW HAD A CLAUSE THAT I COULD NOT GO BACK AND HOLD THEM RESPONSIBLE for all their wrong doings AND COULD NOT TAKE THEM TO COURT. There were two forbearance agreements and amendments prepared by Mr Eric Andres which were signed by us while being in Trust deed sale. Now along with the $146,500, (swap cancel) he added $54,000.00 of new over drafts and new fees incurred from the swap. He collected monthly interest on these even though there were no notes, promising us that he was writing a new loan and would give us great terms when we come out of Trust Deed Sale. (via email). March 2010, we paid our taxes which was a condition on his last Forbearance and asked Mr Eric Andres to pull us out of Trust Deed Sale. At this point he informed us that he was no longer interested in continuing his relationship with us and we should look for refinancing and or put up the station for sale.
After charging us $146,500.00 for the swap cancellation fee and the promise that he was going to sign a new loan with us, he collected monthly payments on these loans from us, suddenly he rudely informs us that MI Bank has decided to sever the relationship with us and gave us 3 months to either sell or refinance (until May 31 2010). We approached Wells Fargo and they agreed to work with us on a 7A SBA loan. Mr. Andres assured us that he would write off all the small notes and return back all the fees as these amounted to now $50,000 and also give us a break on our main loan as it had so many discrepancies and corrections to be made. The payoff statement was sent to Wells Fargo by Mr. Andres for over $2.4Million. THE LOAN PROCESSING STARTED WITH WELLS FARGO BANK. Mr. Eric Andres is a vulture who discriminates against people from different cultures. He had written off all our small notes(internal bank documents showed in January 2009)and handed them free and clear to Tradecor. Well Fargo had almost completed our documents and Mr. Andres sold the big note of $1.96Million @$1.25Million.
He has been unfair and due to his actions we are going to be on the streets loosing our business, our home and our livelihood. GREAT INJUSTICE! Now Tradecor has our small loans that were handed free and our big loan that they are trying to collect @1.813Million(ONCE AGAIN WRONG AMOUNT). We are asking for help! We are asking from MI Bank and their representative Mr. Eric Andres as to what gave them the right to use unfair means against us. Why did he sell our loan to a commercial developer who wants to BULLDOZ US DOWN? Is Mr. Eric Andres taking bribes from commercial developers to remove business owners who own prime land? I cannot believe this is United States of America! We are immigrants who worked very honestly for over 30 years and bought a business with our hard earned money. Why has this happened to us? It is unfair that senior citizens like us are suffering so much in the land of opportunity. Are there any regulations against banks that use unfair tactics against good middle class people? We would not like to be on food stamps and resources from the government.
We want our business back! Mr. Eric Andres decided that he was going to play with our lives, he wanted to destroy us, he promised us he would write off all the loans and offer us best terms on the main loan while the refinancing papers were prepared, these notes were written off by M & I Bank for the commercial developers, we have documents to prove that. The question WHY DID HE NOT DO THE SAME FOR US? IS THERE ANY ONE OUT THERE WHO CAN HELP ME SAVE MY BUSINESS.? WE WANT HELP IMMEDIATELY TO PUT AN INJUNCTION AS WE BELIEVE M & I BANK WILL NOT RESPOND IN TIME FOR THE TRUST DEED SALE ON AUGUST 12th 2010 @10.30AM. TRADECOR IS USING THESE NOTES AS A MEANS TO REMOVE US AS THEY HAVE PLANS TO BUILD THREE RESTAURANTS ON OUR LOT. THE LOCATION IS THE CROSSROAD OF 75TH AVE AND THOMAS IN THE DESSERT SKY MALL. HELP!HELP!HELP!