- 3 - Petitioner and Ms. Head began building a residential structure for investment speculation purposes on the Jensen Road property (the Jensen Road house or house) in that year. During the construction, petitioner and Ms. Head resided in a mobile home. Construction of the Jensen Road house was completed in September 1980. The Jensen Road house was immediately put up for sale; a potential purchaser was located, but the anticipated sale did not materialize. Because petitioner and Ms. Head had no other residence, and the house could not be insured if vacant, they moved into the Jensen Road house in late October 1980. Petitioner lived in the Jensen Road house until June 1985. Ms. Head lived in the Jensen Road house until May 1986. The Norwest Commercial Bank Loans In January 1983, petitioner borrowed funds in the amounts of $10,000 and $40,000 from Norwest Commercial Bank (NCB), securing both loans with a mortgage against the Jensen Road house. In May 1984, petitioner borrowed an additional $2,000 from NCB, again securing the loan with a mortgage against the Jensen Road house. Petitioner used a portion of the loan proceeds to operate a retail coin and stamp business and a portion of the loan proceeds for personal purposes. He operated the coin and stamp business until April or May 1985. In June 1985, petitioner moved to California, where he began working for The Boeing Co. The Foreclosure On May 27, 1986, NCB foreclosed upon its mortgages and took possession of the Jensen Road property and house. At this point in time, Ms. Head moved out of the Jensen Road house.Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011