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foreclosure sale of the Browns' cooperative share certificate
subject to its lien.
The Johnson Loan
On June 29, 1990, petitioner purchased a $38,000 promissory
note made by Robert Johnson, which was secured by a second deed
of trust. Petitioner purchased the note for $30,400. At the
time petitioner purchased the $38,000 note, the Johnson property
was subject to a first deed of trust securing a note of $105,155
in favor of "Barclay's American Mortgage" (Barclay's).
Petitioner foreclosed on the Johnson property to collect on
his note and in February of 1994 obtained a judgment that
resulted in petitioner's taking title to the property, subject to
Barclay's first deed of trust. Mr. Johnson subsequently filed a
petition for bankruptcy.
The Norman/Beard Loan
On January 15, 1988, Tony Norman and Jeffrey Beard executed
a promissory note payable to petitioner for $25,000 secured by a
second deed of trust on property located in Washington, D.C. The
borrowers received loan proceeds of $21,275. Petitioner
foreclosed on the property in June of 1988, acquiring title to
the property subject to a first deed of trust. After obtaining
title to the property, petitioner leased the house to various
tenants. On February 8, 1998, the first trust lender foreclosed
on the property.
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