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executed a mortgage on parcel 1 to secure an initial advance of
$35,000 from Government Employees Credit Union of Florida.
Mr. Fisher obtained title to parcel 2 on January 25, 1990.
The record is not clear regarding when Mr. Fisher obtained title
to parcel 3. On February 19, 1990, Mr. Fisher executed a
mortgage on parcels 1 and 3 to Real Estate Financing, Inc.
(REFI), to secure a loan in the original amount of $53,877. The
REFI mortgage was the only encumbrance against the three parcels
as of June 6, 1991. The amount of unpaid principal on the REFI
loan as of June 6, 1991, the date the three parcels were
transferred to petitioners, was $51,871.
Subsequent to the transfer to petitioners on June 6, 1991,
Mr. Fisher continued to reside in the house on parcel 1 and
continued to make payments on the REFI loan. During the 6-month
period following the transfer, Mr. Fisher paid off the
outstanding balance on the REFI loan in its entirety. The
following amounts were paid to REFI by Mr. Fisher:
Date Amount
06/17/91 $600.00
07/16/91 600.00
07/23/91 202.10
08/13/91 600.00
09/10/91 600.00
09/18/91 109.22
10/11/91 20,582.27
10/29/91 678.74
10/29/91 27,903.53
11/19/91 433.83
12/05/91 3,619.88
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