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1992, petitioners discussed with Mrs. Hewitt the possibility of
purchasing the Foxbriar property in its current condition by
assuming the mortgage on the property and giving Mrs. Hewitt a
$20,000 note in addition to the earnest money previously paid
under the contract. That arrangement was never carried out.
Sometime during May 1992, Mrs. Hewitt informed petitioners
that she had ceased making the mortgage payments on the Foxbriar
property and that the mortgage creditor, Lomas Mortgage U.S.A.
(Lomas Mortgage), would initiate foreclosure proceedings if the
delinquencies on the mortgage were not paid by June 12, 1992.
Shortly thereafter, petitioners and Mrs. Hewitt reached an
agreement for purchase of the Foxbriar property. The terms of
the agreement were: (1) Petitioners would purchase the property
“as is”; (2) petitioners would assume the unpaid mortgage balance
of $59,703.43; (3) petitioners would assume any other
encumbrances on the property; (4) petitioners would pay the
delinquencies on the mortgage in the amount of $7,269.73; and (5)
the earnest money previously paid by petitioners would constitute
additional consideration for the property.
An assumption agreement and deed (assumption documents) were
drafted and forwarded to Mrs. Hewitt for her signature and for
that of Mr. Hewitt. The assumption documents were returned to
petitioners via facsimile containing only the signature of Mrs.
Hewitt, with a notarized signature date of July 2, 1992. The
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