5306 Kenwood Road Debate

Just over 20 years ago, Oscar approached me about making him a loan. While the size of the loan was significant; the exact amount is no longer important.What is still important is that Oscar made a promise to pay. He made that promise in advance of accepting the loan from me. Once he received the loan, he repaid nothing. He left me to make good on his loan with the bank.

I double checked with Mike, and this is our memory about the loan chronology:

1. Oscar & Joan needed cash to prevent "foreclosure" of their home in Michigan.
   
2. Mike & I agreed to take ownership of 5222 Kenwood and to secure a loan on their behalf based on the homes equity. At the time, we lived downtown.
   
3. The Brothers/spouses all signed a Quit Claim Deed over to me so that I might secure a home equity loan.
   
4. Oscar & Joan signed an agreement to pay off their loan by making a monthly payments of $500 interest free.
   
5. Once Oscar and Joan received their loan money, we  don't recall they ever made a single payment.
   
6. Instead of a payment, Mike & I received a certified letter from their attorney indicating that the loan was to be included in Oscar & Joan's Bankruptcy.
   
7. 20+ years later, they've never mentioned the loan and neither have I (Mike did of course). 

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