Losing Life Riverside

Part III……………………………Making Like The James Gang


As Billy Banker never said anything in our subsequent discussions like “How dare you infer that Hell won’t have me!”, I never found out whether or not he read the original unedited letter that I inadvertently sent; (or was it really inadvertent – is there such a thing as a physical Freudian slip?) After what they did to us, I would’ve loved to have the opportunity to scream those nasty things to their face. And for the record, I would like them to rot in hell. And I also believe that hell is too good for them. And yes, Big Fat Hairy F-You!! It’s not like they could do anything worse to us than they are currently doing; (“Oh yea? Well if that’s how you feel about us, we’re gonna double foreclose on your property!”) so why not let them know how we really feel about them.

Billy Bankers only response to the letter was a terse email saying that there was no written record that I’d ever requested a line of credit, and when questioned, Betty Banker told him she’d never promised us a refinancing, and finally, that he was left with no choice but to proceed with the foreclosure process. Well, I had written proof of our credit line discussions in the form of my bank-approved business plan; and as for Betty Banker lying to Billy Banker about not promising us a refinance – who would ever expect her to tell the truth about anything? I’m certain she looks in the mirror every morning and lies to herself about her not actually being a lying, heartless, thieving bitch.

After reading the email, the reality of our situation was paralyzing, suffocating; it literally took my breath away. And couple getting this email prior to an afternoon meeting with my largest account – me getting Billy Banker’s email then having to sit all afternoon in a rather tense meeting, acting to the assembled crowd as if my entire world hadn’t just come to an end. Oh yes, then I had to call Julie, still fighting it out at the hotel in Colorado, with the news that Billy Banker and his scythe-wielding, sulphur-breathing she-bitch-from-hell may show up at any moment and demand that she vacate the premises. I had no idea what to expect, as I’d never had anything happen like this before. Julie was only slightly hysterical beyond the point of being consolable.

Our next step involved finding a real estate attorney who was licensed in Colorado. I was led to a highly recommended gentleman with a pricy firm whose first words to me, after I explained our dire situation, were “Mr. Paradise, I want you to calm down and relax. They can’t throw you out of your house or take your possessions. There is nothing about this situation that can’t be fixed.” So calm down I did as the attorney laid out the options.

Option #1 involved getting current on the loan– he echoed my friend’s opinion, that in this economy the legal system would look very harshly upon the bank if they tried to foreclose on a current loan. We can then fight them in court as to the validity of the ‘material change in the operation of the business’ reason for calling the note. However, Option #1 involved us coming up with a lawyer-load of money for legal fees, (it could ultimately cost $50,000 - $100,000) and we still had the potential for a downside if we didn’t prevail in court. Well heckfire, if I had $50,000 or $100,000, I wouldn’t be in this mess; so, cancel Option #1.

Option #2 was to move heaven and earth, pull a rabbit out of my hat, part the Dead Sea and then find a buyer for the hotel in the next 60 days. In the 10 months the hotel had been on the market, we had one potentially serious buyer, and he backed out when the sale of the adjacent hot springs fell through – it was kind of a package deal. So I didn’t hold a lot of hope for coming up with someone in 60 days, and certainly not someone who would buy the place for a reasonable sum.

Option #3…… walk away. That's right.....just walk away. Walk away from our investment, our equity, our labors, our memories, our friends, our dream, our successes, and sadly, our failure. Walk away from a lot of good things, but more importantly, walk away from a boatload of bad things. It’s referred to as a 'Deed in Lieu of Foreclosure’. You simply give the bank the deed to the property, the bank excuses the indebtedness and you walk away clean.

No more $5000/month mortgage payments, no more $1000/month electric bills, no more $750/month water bills. (Yes, that’s right; our water bill, regardless of usage, was a fixed $750/month.)

Most importantly, no more Julie and I living apart.

When the lawyer explained this to me, and how easily it could be accomplished, I literally exhaled all of the air I’d been suffocating on since early that afternoon. I began to breathe normally again. The tightness in my jaw and chest relaxed, this time without being the normal result of swilling a couple of Bombay’s. The massive weight and profound stress that had been burdening me the past two years slipped off of my back like a cheap kimono.

Just walk away.

But what about our equity and all that we’d invested? Equity is only equity if you sell X for Y. There wasn’t a chance in hell of us selling X for Y anytime soon, yet the thousands of dollars in monthly expenses would continue indefinitely – the biggest percentage being never-to-be recovered interest to those slimy, scum-sucking bastards at Grand County Bank. Realistically, how much longer could we continue to fund this financial Waterloo, all the while living like paupers in Mississippi?

Knowing that all of the pain and suffering could be over, and we could begin to live a normal life again, albeit broke, for the price of something that may never have existed or been attainable anyway, was almost too good to believe. When I explained the situation to Julie, I could hear her smile over 1000 miles of fiber optics. No question it SUCKS that it ended the way it did, BUT IT ENDED, and the peaceful feeling of realizing that it was finally over was worth more money than you can ever imagine.

To Be Continued……….