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attract more customers for his business. He enlisted a real
estate agent in April 1989 to promote its sale.
The construction project proceeded smoothly. As the general
contractor, petitioner constructed the majority of the two-story
house himself, including framing, roofing, siding, and installing
the windows, cabinets, and doors. He obtained assistance from
his father and other individuals for certain work such as
erecting the frame of the house, insulating the house, and
constructing the fireplace, chimney, and staircases. In
addition, the plumbing and electrical wiring were required by law
to be performed by licensed subcontractors.
In February 1990, petitioner and his wife separated. The
problems that resulted had a serious negative impact on his
construction business. For a period of time immediately
following the separation, petitioner's wife took possession of
his truck with all of his tools. Shortly thereafter, she placed
a lien on the East Lyme property to protect her interests in the
event it was sold by petitioner. The additional legal issues
connected with the lien discouraged potential buyers. In
addition, the real estate market took a significant downturn in
the early 1990's. Under these circumstances, petitioner was
unable to secure a buyer for the East Lyme property.
Petitioner could not make the construction loan payments as
a result of financial difficulties caused by his separation. He
deeded the East Lyme property to Mechanics Savings Bank in lieu
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