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In March 1987, the land contract vendees received a warranty
deed to the Hazelwood property. The warranty deed recites that
the Hazelwood property was conveyed for the “full consideration”
of $55,000.
In October 1988, Marland and Dortha Moore and Marland
Moore’s mother conveyed their interest in the Hazelwood property
to petitioners and petitioner’s father. According to the quit
claim deed, the conveyance was for the “full consideration” of
$50,000.
C. Mortgage on the Hazelwood Property
In February 1990, a loan in the amount of $70,000 was
obtained from First Independence National Bank of Detroit (First
Independence). As security for the loan, petitioners and
petitioner’s father gave First Independence a mortgage on the
Hazelwood property.
D. Rental of the Hazelwood Property
In or about May 1994, petitioner3 purportedly entered into a
lease with a nonprofit housing corporation, operated by Reverend
Jim Holley, which converted the Hazelwood property into a
homeless shelter. This arrangement allegedly ended in February
or March 1996, at which time petitioner took back possession of
3 For the sake of convenience, we may sometimes refer to
petitioner as the owner of the Hazelwood property even though
petitioners and petitioner’s father were the record owners of the
property.
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Last modified: May 25, 2011