Robert Lee and Rebecca Waters - Page 6

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          the building only to discover that “Everything had been trashed.”           
          In this regard, petitioner testified at trial as follows:                   
                    And see, in these apartments I had 38 stoves, 38                  
               refrigerators, and like that.  All this was gone.  When                
               I came back there was no stoves, no refrigerators, no                  
               faucets, no shower heads, no knobs on the door.  I mean                
               everything.  No light fixtures in the hall and                         
               whatever, and this is what I came back to and I had to                 
               try to refurbish.                                                      
               Petitioner did not maintain insurance on the Hazelwood                 
          property, and at trial he made no mention of ever having filed              
          any police report.  Regardless, petitioner never pursued any                
          recovery against either the nonprofit housing corporation or its            
          operator because they were insolvent.                                       
          E.  Foreclosure and Mortgage Sale of the Hazelwood Property                 
               As early as 1991, petitioner began having difficulty in                
          making payments to First Independence.  Indeed, in June 1991,               
          First Independence filed a lis pendens with the Register of Deeds           
          for Wayne County, Michigan.                                                 
               Petitioner continued having difficulty in making payments to           
          First Independence.  In particular, petitioner did not make all             
          payments in 1995, and he did not make any payment in 1996.                  
               Foreclosure proceedings against the Hazelwood property were            
          commenced by First Independence in 1996.  The proceedings                   
          culminated on June 27, 1996, with a mortgage foreclosure sale.4             

               4  The outstanding balance at that time was $70,686,                   
          consisting of principal of $58,148, interest of $11,214, and an             

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