eptember 5, 2008, is the day the world as I knew it was over. The call was brief but to the point. “Hey, it’s Linda from the bank. I wanted to give you as much notice as possible that the FDIC is shutting down the bank. I know that this is a complete surprise, as it is to many of us, and to be honest, I am not sure what the next few days and weeks will look like. So please do what you can to handle what you can in preparation.” What happened over the next seven years redefined everything I knew about myself, my strengths, my unknown weaknesses, and my inability to move.
Most of the commercial loans and lines of credit were 24- to 36-month term notes. They had kept all frozen until just after each was into the default period. Stepping into action, the correspondence from the group came quickly and with a heavy tone. Our properties, including offices, developments, vacation properties, and homes, were being foreclosed. We, and all of the other principals that had been held off for so long, were forced to file for Chapter 7 bankruptcy.
In the midst of these changes, another event occurred that set me on my heels, a letter from an attorney stating that the group that had taken everything from us and forced us into bankruptcy was now filing fraud charges against us. Fraud?? We had never engaged in anything fraudulent. Many friends and business acquaintances involved with this servicing group were also being accused of fraud.
It took much research to uncover the mindset of this group. Why accuse us of fraud? In short, if this group could try to get a fraud conviction, for any reason, the bankruptcy would be void, and these balances owed, although challenging to collect, could remain on the books as receivables, therefore creating an asset to this group. They went after everyone, accusing us all of various acts of fraudulent reporting, whatever they thought a judge would listen to or we would succumb to. Every word and accusation was untrue. In fact, they had never had access to any information, documentation, reporting, or reference of any kind to the items or circumstances they alleged were fraudulent in nature. They continued to fabricate horrible and humiliating reason after reason as to why we and the others were frauds.
Many, running out of funds to defend themselves, were found guilty by inaction and summary judgment. This seemed to be the looming future for us as well. I found a fantastic attorney, but there was only so much that we could do. The reality and magnitude of what could happen if they won by default was mind-numbing. Not only the eternal monetary judgment against us or the inability to own anything in the future, but, horrifically, if they were to get a fraud conviction by summary judgment, I would not have the ability to hold a real estate license.
By what I can only credit to the grace of God, we received an unexpected check in the mail. A payoff of a lawsuit that our contracting company won—five years prior. This check allowed my attorney and I to get creative and submit an offer of settlement that, surprisingly, they accepted. As a result, I would finally be rid of the gloom that had taken over my life for so many years.
As I reflect on the events that have transpired and the effect they have had on years of my life, I am in the midst of my most lucrative and successful career year. Through self-reflection, fantastic coaching, and continuing to realize the importance of learning how our subconscious affects every aspect of what we do, I am and will continue to be more successful and fulfilled than I have ever been. I will continue to fight, to take flight, and never freeze again.
