A true, haunting story excerpt from GHOST BUBBLE :
The Home Place becomes the Gone Place
Washington State – 2011 – 147 picturesque acres, worth over a million dollars, split down the middle by the Snoqualmie River – home of the family dynasty for over a hundred years – a grown and married son with the ambition to build a new house in Texas in which to run a home-based internet business with a partner, but lacking sufficient income, cash, and collateral to make the deal work, approached his Father with, “Dad, can I have…”
A mortgage agent had explained that the low, risky salary for the partners only qualified them for a $200,000 loan towards the $660,000 they needed, but this could be overcome if the son could tip the scales and get his hands on enough cash – $460,000 – or a combination of cash and collateral worth at least that much. Son asked Dad for the full $460k. Dad only had $420,000 in his retirement account. Son said, “Not enough. I need collateral, too. Give me the deed to the river land.” Son’s plan was to take the $420,000, then combine it with one million dollars-worth of Eden-like paradise, make the deal, then immediately return the deed, and start making payments to Dad.
Dad considered all aspects. One million four-hundred-twenty thousand dollars of Dad’s money and property would be used to back up a four-hundred-sixty thousand dollar ‘cash’ pay-down, which would be used to lie to a mortgage company, which was in on the lie, and gain an additional $200,000 loan, and to start a brand new, extremely risky, internet business in another state with an unknown partner. “Okay.”
Money changed hands. The Snoqualmie deed was transferred to Son for one dollar. The mortgage deal was made.
- Dad borrowed $420,000 from his retirement account, leaving it empty.
- Son went to Texas with his wife, and his partner, and his partner’s wife.
- Building a new business and a new house, at the same time, was very stressful.
- Son relieved his stress by having an affair with his partner’s wife.
- Partner found out and dissolved the business.
- Son’s wife found out and dissolved the marriage.
- Son’s ex-wife’s settlement included the Snoqualmie deed, and the new Texas house.
- The only thing Son won in the divorce was the mortgage payments. Yaaay!
- Son’s wife sold the land, and ran off with Son’s partner. They’re traveling the world, now.
- The Son-Dad Plan fell apart.
- The scales did not tip.
- Son’s house was gone.
- Son’s business was gone.
- Dad’s retirement money was gone.
- Dad’s million-dollar land was gone.
- Dad and Son asked each other for a job, but of course, there was none.
- It will never get better.
The End of the Son-Dad Plan
Read more in GHOST BUBBLE by Andy Bozeman, a Kindle e-book, available HERE.
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