Approve the loan modification for the Duenas family
Alma and Abraham Duenas have helped others in need and have been giving persons and they have been helping and supporting the community in education, environment, health, human and immigration rights, art, business and family issues for many years. Their building is located at 2500 S. Christiana Ave. Chicago IL 60623 corner of 25th and Christiana Ave. in the Little Village community, they purchased the property in the year 2000 where they opened a business, a business that they have dreamed all their life, “Catedral Café”. With this, they were able to help and work closer with the community helping organizations, families, children, and even other business. Now you, Archer Bank, wants to take their property away because you have denied a loan modification.
Last year sales were so low that forced the Duenas family to close their business as reported by the Chicago Tribune and the Wall Street Journal; also last year, Mrs. Duenas was doing her student teaching to be able to graduate as an educator receiving no salary for a few moths. They were in a very tight budget, but were able to make partial mortgage payments to you. They asked you for a loan modification only for a year till things got better. It was explained to you, Archer Bank, in detail that they were in a temporary bad economic situation that will be solved in less than a year, but their petition for a loan modification was denied and Archer Bank executed a foreclosure on their property.
Now that their economy is better (as promised to Archer Bank), Mr. Duenas has a job, Mrs. Duenas, with her new teaching degree, is getting a teacher position, and they have rented the business to a young entrepreneur to open “La Catedral Café & Restaurant” receiving rental income to be able to make payment to you, Archer Bank, but you have denied a loan modification.
The Duenas family is honest, hardworking people and wants the bank to negotiate a reasonable settlement for a loan modification. I am asking you Archer Bank to re-consider a loan modification now that they have to possibilities to make the payments and find a solution.
The Duenas family have rented the business to people that will be continue with their vision on helping the community and this is making their business to grow. If a new building owner takes over, “La Catedral Café & Restaurant” probably will be forced to close down making people to loose their job and the families and community will be loosing something very valuable for all.
During the hail storm last year, the building’s roof was damaged and the Duenas family submitted the damage report to the insurance. Once the insurance sent to Archer Bank the check for the damage, you never repaired the building’s roof. Now, every time it rains, there are leaks all over the building damaging the interior walls and structure. The Duenas family did some roof patching, but the leaks are back. I also want to ask you that please do the proper roof replacements due to the fact that you kept the insurance check and it is very expensive to replace the damaged roof.
The Duenas family has owned this building for over 11 years and only last year they were really affected by the economy like everybody else. Giving them an opportunity to keep the building is a good business decision for Archer Bank and their shareholders otherwise is going to be another empty building in our community and it will take moths if not years for the building to be rented and Archer Bank or the new owner will be loosing a lot of money, not a wise decision for anybody. We are witness of the increasing number of empty business spaces in the Little Village community. Please, grant the loan modification request to the Duenas family and rescind the foreclosure so they can continue helping our community, the community that you Archer Bank also serve.
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