Catch Me If You Can - They Did Three Years Later
"""In 1990, when the housing market crashed, the bank base rate was 23%. I was forced to maintain three properties. I invested 30% of my funds in each property and borrowed 70% from the bank. The market would decline to 40%, which is less than the fundamental market value. Even if I sold all three properties, I would still be required to repay the bank loan with funds that I did not have. I had no alternative but to leave this situation. I rented a private residence and returned all three property keys in sealed envelopes with a letter to the bank, but without my forwarding address. I suspected they would incur a loss.""""Catch me if you can"", I pondered. They would seek my location. I had lost everything, but I was not alone; everyone was destined to fail.
My fear of being discovered caused me three years of difficulty. The following day, I received a visit from the bank, followed by a court summons. When they screened me, I told them I received a ""F"" and that they should abandon the bankruptcy plan. That, I believed, would be a judicious decision because they would avoid incurring further losses.
All I had to do was declare and submit that I had no assets, no income, three children, responsibility, a rental residence, a used car, non-designer underwear, unpaid bills, halal chicken, and nothing else. This was sufficient for them, and I never saw them again. Since then, the sun has begun to shine. The hues of pleasure in my life grew to regal proportions.
Why did I flee from my fear? Why didn't I file my return the day I returned the key? Why? Because I lacked internet access. I did not have a directory of articles. I was lacking guidance.
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" - https://www.affordablecebu.com/
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"Catch Me If You Can - They Did Three Years Later"
was written by Mary
under the Finance / Wealth
category. It has been read 77
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comments. The article was created on 02 June 2023
and updated on 02 June 2023