Consumer complaint received 2019-01-31
Company: VALLEY NATIONAL BANCORP
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
On XX/XX/XXXX a board member signed a {>= $1,000,000} line of credit with another homeowner, stating the monies would be used for emergency upgrades to our six acres of oceanfront property in XXXX XXXX XXXX. We have sixty unit owners and we were not aware of the XXXX XXXX dollar credit line. Prior to this commencement of the credit line the community was special assessed a total amount of {$290000.00} divided by the sixty units. In the event that was not paid immediately we would personally be foreclosed on and lose our homes through the new management company and the managements company personal attorneys. 
Additionally, the bank accounts in this community were depleted of all reserves and monthly funds in XX/XX/XXXX by this same board member, without drawdowns of our funds and without knowledge of funds disbursements. 
First and foremost, we have condo documents which do not allow for any expenditure over {$1000.00} without an excess of 75 % vote agreeing to the expenditure in writing. 
The person who is responsible for this XXXX loan/credit line was the person who without notice hired the XXXX XXXX XXXX and also hired their Attorneys, as now our attorneys of record, which later reveals they were all party to the {>= $1,000,000} line of credit. 
Upon signing that loan the collusion started with a new self appointed board of 5 unit owners immediately. The 5 self appointed homeowners were not board members legally until XX/XX/XXXX, and yet they had obtained allowance from the bank to start bank withdrawals as soon as that loan of {>= $1,000,000} commenced on XX/XX/XXXX. 
The bank Allowed this person to lien our sixty units as collateral for bank repayment. We have written letters to the Head quarters of this bank, they have responded that they can not give any details about the loan because we are not the responsible party for repayment. 

We have been forced to pay the loan on a 4 year payment plan at nearly each unit to pay approximately {$17000.00} each. 

The funds were never spent on the projects. The liens of real property are still on all properties for collateral for this loan. The 7 people and the Attorneys and the management company are changing the loan terms every 3 months, are using the funds for their personal life style needs, are foreclosing on our neighbors. They have a 30 year mortgage and the unit owners were forced to pay the XXXX credit line in 4 years. 

Please by the grace of XXXX help us. We have evidence that reveals all the people are involved are financing terrorism through this community. We have documents XXXX 's of XXXX  Laundering of millions of dollars associated with this community and its partners mentioned. Please contact homeland security for all documentation of such. I fear for my life and I will need protection to provide,

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation